SAN DIEGO -- BSD Bancorp said it filed a petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.
The company said the action follows the closure last Friday of Bank of San Diego, Its sole subsidiary, by he California State Banking Department.
The company said the Federal Deposit Insurance Corp. has been appointed as receiver for the bank. BSD also said Frank Mercardante resigned as chairman, chief executive, and president.
The company said Marilyn Creson, its chief financial officer, has been appointed acting president.
BSD said it will "make a prompt and orderly review of the company's options to maximize the value of remaining assets," but said that given the closure of Bank of San Diego, "it is unlikely that assets will be available for distribution to shareholders."