November 3, 2009

Local Bank Branch Seized by Federal Regulators

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The San Leandro branch of Pacific National Bank was one of 17 branches seized by federal regulators on Friday October 30, 2009. San Francisco-based Pacific National Bank was immediately sold to U.S. Bank, which is based in the midwest and has more than 2,800 branches throughout the United States.

The bank's failure appears to be related to bad real estate loans.

The Pacific National Bank branch in San Leandro is located at the intersection of Parrott Street and E. 14th Street in downtown San Leandro. U.S. Bank has an existing branch at the corner of Fairmont Drive and E. 14th Street, across from Bayfair Mall.

Posted by Mike Katz-Lacabe at November 3, 2009 8:47 AM | TrackBack
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