FirstFed Financial Corp., a holding company for First Federal Bank of California, filed for Chapter 11 protection Jan. 6 in the U.S. Bankruptcy Court for the Central District of California (In re FirstFed Financial Corp.).
OTS Shut Down Bank, Appointed Receiver.
The Office of Thrift Supervision announced in a Dec. 18, 2009, news release that it had closed the $6.14 billion First Federal Bank of California, and appointed the Federal Deposit Insurance Corporation as receiver. First Federal was in an unsafe and unsound condition, according to the news release, because of “substantial loan losses, deteriorating asset quality, and ...
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