Little Saigon's First Vietnamese American Bank, which as the name suggests opened five years ago as the first U.S. bank with a core clientele of Vietnamese immigrants, was shut down by regulators Friday night.
The bank at 8990 Westminster Blvd., Westminster, reopened today under new management and the umbrella of Grandpoint Bank, a Los Angeles company that buys other banks.
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E. Scott Reckard has the scoop in the Los Angeles Times.
First Vietnamese American began struggling shortly after it opened in May 2005, getting hit with a string of regulatory enforcement orders beginning in 2006. It became the 143rd bank to fail this year, a record.
"Good idea, bad management," Hans Schroeder, a banking expert at Green Street Capital Management in San Francisco, tells Reckard.
Depositors are insured for at least $250,000 and will be able to continue banking without interruption, according to the Federal Deposit Insurance Corp.