U.S. regulators seize Palm Desert bank, sell assets

Palm Desert National Bank was seized by regulators Friday and sold to Pacific Premier Bank of Costa Mesa, which promised to be open for business as usual Monday. 

The Federal Deposit Insurance Corp. said depositors of the one-branch bank would be unaffected because Pacific Premier agreed to take all $123 million in Palm Desert deposits.

Pacific Premier President Stephen Gardner said customers of the Palm Desert bank “will continue to conduct business as normal with the employees with whom they have built a solid long-term relationship." 



U.S. bank failures declined in 2011

Lehman Bros. elite stood to get $700 million

Housing scam brings up to life sentence under three-strikes law