M&T Bank Acquires Another Struggling Bank

For the second time this week, Manufacturers and Traders Bank (M&T) of Buffalo, NY has acquired a struggling bank. After being closed today by regulators, nearly all of the deposits of K Bank of Randallstown, MD were assumed by M&T. Just a few days ago M&T Bank offered to acquire Wilmington Trust Bank in nearby Delaware. K Bank was the 58th ranked bank on the list and had approximately $538.3 million in total assets and $500.1 million in total deposits when closed.

64th ranked Pierce Commercial Bank, of Tacoma, WA closed with approximately $221.1 million in total assets and $193.5 million in total deposits. Heritage Bank (4070th) of Olympia, WA has agreed to assume all deposits.

88th ranked First Vietnamese American Bank of Westminster, CA closed with approximately $48.0 million in total assets and $47.0 million in total deposits. Grandpoint Bank of Los Angeles, CA has agreed to assume all deposits excluding certain brokered deposits. Grandpoint Bank is owned by Grandpoint Capital which began in June 2010 through the acquisition of Santa Ana Business Bank (7015th). It has since been the buyer of a number of small banks.

106th ranked Western Commercial Bank of Woodland Hills, CA has also closed this week. It had approximately $98.6 million in total assets and $101.1 million in total deposits. First California Bank (5750th) of Westlake Village, CA has agreed to assume all deposits.