Regulators today seized two California banks with six branches in Orange County. Los Angeles-based First Federal Bank of California failed. Its 39 branches, including five in Orange County, and all its deposits are being turned over to OneWest Bank in Pasadena, according to the Federal Deposit Insurance Corp. Consumer deposits are safe, and the branches will reopen Saturday under the OneWest brand. First Federal has locations in Anaheim, Buena Park, Irvine, Laguna Hills and Mission Viejo. The FDIC expects its insurance fund to take a hit of about $146 million on the failure of First Federal, which had about $6 billion in assets and $4.5 billion in deposits. The FDIC and OneWest Bank are sharing losses on $5.3 billion of First Federal’s assets. Read the agency’s release HERE. The FDIC also said La Jolla-based Imperial Capital Bank, which has a branch in Costa Mesa, failed. Its branches and deposits are being assumed by City National Bank in Los Angeles.

Read more here – Feds seize 2 banks with O.C. branches