Imperial Capital Bank Seized by Regulators

December 21st, 2009 by Pat Hiban
Categories: Buyer Info, Community News and Events

Imperial Capital Bank with an office at 200 St. Paul Street in the city was seized Friday by regulators and sold to City National Bank.

Imperial has lost 112 million dollars so far this year with only 9 branches. It’s Baltimore branch was it’s only East Coast branch. It’s troubles came from unpaid loans used to build apartments and commercial buildings. Regulators gave the bank a deadline of December 14th to raise 200 million in capital and when the deadline came and went they were quick to seize the bank and even quicker to sell it to City National. City National has said that it will honor all the deposits with the bank even those that are not covered by the FDIC limits.

The fate of the St. Paul Street site remains undetermined but City says all employees health benefits will be paid through the holidays.

This entry was posted on Monday, December 21st, 2009 at 12:47 pm and is filed under Buyer Info, Community News and Events. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Anonymous said at December 21st, 2009 at 12:55 pm
Wow.
Surprise!!!
RESupermen Clark N Duncan said at December 21st, 2009 at 9:11 pm
Another one bites the dust!!!!
Suzanne Hurge-Moore said at December 21st, 2009 at 9:12 pm
and more to come…………….
Moe Mac said at February 1st, 2010 at 11:43 am
You spelled Regulators incorrectly.

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