Wilshire Bank Is Seized: Federal regulators declared...
From Times Staff and Wire Service Reports
Wilshire Bank Is Seized: Federal regulators declared the Los Angeles bank insolvent, saying it had too many problem loans, was involved in high-risk lending and spent too much money. The bank, which had $24 million in assets on March 31, lost $4.5 million over the past four years, wiping out its cushion against losses. Mid City Bank acquired the assets and assumed the liabilities. Wilshire Bank is unrelated to Wilshire Center Bank or Wilshire State Bank.
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