Canyon National Bank of Palm Springs, weakened by troubled commercial real estate loans, was closed late Friday by federal regulators who said its three branches would reopen Saturday as part of Pacific Premier Bank.
Pacific Premier, based in Costa Mesa, has five Orange County branches and an office in San Bernardino. It agreed to take over all of Canyon National's $205 million in deposits and nearly all of the failed bank's $211 million in assets, the Federal Deposit Insurance Corp. said in a news release.
Depositors of Canyon will automatically become depositors of Pacific Premier, with their accounts insured by the FDIC for at least $250,000. The FDIC said Canyon customers should continue to use their existing branches until Pacific Premier informs them that they can use other Pacific Premier offices.