Mission Valley Bank Shut by Comptroller

The Office of the Comptroller of the Currency said it declared Mission Valley Bank of San Clemente, Calif., insolvent and appointed the Federal Deposit Insurance Corp. as receiver.

Mission Valley's sole office was reopened as a branch of Mid City Bank of Los Angeles, to which the FDIC transferred the closed bank's insured deposits.

Mission Valley was chartered in 1983 and had $43 million in assets on Aug. 31. Mid City Bank had about $100 million in assets.

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