Harrington West Financial Group Inc. has filed for bankruptcy nearly a month after federal regulators took over its subsidiary and principal asset, Los Padres Bank.
Harrington said Friday that it plans to file in bankruptcy court a plan to liquidate its assets and pay creditors "within a few months."
The company said it has $579,282 of assets, plus a potential tax refund in an unknown amount. Harrington also has $26 million of debt. The Solvang, Calif., company was the parent of Los Padres Bank until the Office of Thrift Supervision closed it Aug. 20 and appointed the Federal Deposit Insurance Corp. as receiver. The FDIC facilitated Pacific Western Bank's acquisition of most of the bank's loans and some securities, as well as the assumption of deposits and other liabilities. At June 30, Los Padres Bank had about $870.4 million in assets and $770.7 million in deposits, the FDIC said.