Today, the California Department of Financial Institutions closed First Bank of Beverly Hills, Calabasas, California, and appointed the FDIC as receiver. The FDIC then approved a payout of First Bank of Beverly Hills’ insured deposits.

As of December 31, 2008, First Bank of Beverly Hills had total assets of approximately $1.5 billion and total deposits of $1 billion. The FDIC estimated that First Bank of Beverly Hills had $179,000 in deposit accounts that exceed the federal deposit insurance limits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $394 million. First Bank of Beverly Hills is the twenty-eighth bank to fail in the nation this year and the fourth in California.