Four banks were pronounced DOA today by FDIC.
This includes the pompously yet erroneously named First Bank of Beverly Hills of Calabasas, California which was so terminal that no other bank even wanted what road kill was left of their former assets.
Their name strongly implies they are upscale Beverly Hills yet they had only one branch and that was in Calabasas, which is a good twenty miles from Beverly Hills. So I’m guessing they were pretending to be something they weren’t.
They are (were?) owned by Beverly Hills Bancorp, which currently trades for the princely sum of 3.8 cents a share and who are headquartered in – now hold on for this – Calabasas not Beverly Hills.