Home Bank successfully bid for about $82 million of insured deposit liabilities of Bank of San Pedro, Calif.
Bank of San Pedro was closed by California's superintendent of banks on Friday, and the Federal Deposit Insurance Corp. was appointed receiver.
The assumption of the insured deposit liabilities of Bank of San Pedro brings the asset size of Home Bank to approximately $490 million and the number of Home Bank branches to 15.
Home Bank, the wholly owned subsidiary of Home Interstate Bancorp, specializes in serving small to medium-size businesses and consumers in Los Angeles and Orange County.
