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Security Pacific Banks to Reopen Today as Pacific Western Branches
If you bank at Security Pacific, your money's now with Pacific Western. Following Friday's shut down by the California Department of Financial Institutions, the four branches of the Los Angeles-based bank were taken over by the FDIC, who then "entered into a purchase and assumption agreement with Pacific Western Bank of Los Angeles to assume all deposits of Security Pacific, whose four branches will reopen on today as Pacific Western branches," according to MyFox Los Angeles. Customers are being assured that there has been no changes to their accounts, and their monies remain insured through the FDIC. Security Pacific is the 19th bank nationally and the 3rd in California to fail.