BANKING & FINANCE - Jan. 21, 1995

Regulators Close Guardian Bank: In the nation’s first bank failure of 1995, the State Banking Department closed the small, Los Angeles-based bank after years of operating losses had eroded the financial firm’s capital and liquidity had reached what regulators described as “dangerously” low levels. State and federal banking regulators were negotiating with other financial institutions to transfer Guardian’s insured deposits. Guardian, a unit of Guardian Bancorp, lost about $25.6 million during 1994, according to the Banking Department. Guardian lost $14.4 million in 1993 after losing $1.9 million in 1992. The bank’s main office was in downtown Los Angeles. It had two branches, in Ontario and Fountain Valley, and assets of $352.8 million.