Saturday, November 08, 2008


The FDIC is looking for office space in Irvine:

The Federal Deposit Insurance Corp. plans soon to sign a major lease of office space in Orange County, probably in Irvine, where as many as 600 people would liquidate the assets of troubled banks and thrifts based in California and other Western states.

The agency needs 200,000 square feet of space and has looked at locations across Southern California, FDIC spokesman David Barr said.

"It's a temporary office -- three to five years is what we're looking at," Barr said Tuesday. "We hope to find the space within the next few weeks."
They shouldn't have much trouble finding some. The above picture, which I took a couple of weeks ago, shows one of dozens of "see through buildings" I saw in south Orange County.

In other news, there were two bank failures yesterday, one more than usual, at least up until now. One was a small bank in Southern California:
Security Pacific Bank, Los Angeles, California, was closed today by the Commissioner of the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, Las Angeles, California, to assume all of the deposits of Security Pacific...

As of October 17, 2008, Security Pacific had total assets of $561.1 million and total deposits of $450.1 million.

1 comment :

Anonymous said...

Max, no need to travel to O.C. for vacant office space. The Rocklin 65 office park is 150,000 sf and it has been vacant for a year now.