F.D.I.C. Closes Los Padres Bank

By Lenny Roberts

Ojai’s Los Padres Bank was one of 14 branches closed Friday by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation  as receiver. According to a press release issued Friday, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, San Diego, to assume all of the deposits of Los Padres Bank based in Solvang to protect the depositors. Tom Farmer, vice president of business development, said it’s business as usual, and the bank’s five full- and part-time

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