Regulators Seize Indonesian Bank’s L.A. Unit

State banking regulators seized the Los Angeles subsidiary of an Indonesian bank that was closed by Indonesian authorities. The California Department of Financial Institutions took over the Los Angeles agency of PT Bank Dagang Nasional Indonesia, the only U.S. branch of the bank, which was one of three large banks shut down by the Indonesian government in an effort to stabilize that country’s financial system. The Los Angeles bank’s books show assets of $63 million and liabilities of $54.3 million. Chief Examiner David L. Scott said the seizure was the agency’s first since 1995, and the first takeover of a foreign bank branch since 1985.