CULVER CITY, Calif. – A bank closed here on Friday has ties to Primary Financial's popular SimpliCD program.
According to a notice sent by Primary Financial to corporates, who then forwarded the information on to members, credit union CDs were on deposit at failed Alliance Bank, managed through the SimpliCD program.
Alliance was closed by the California Department of Financial Institutions this past Friday, with the FDIC being named receiver. San Diego based California Bank & Trust has entered into a purchase and assumption agreement with the FDIC, according to the agency's Feb. 6 release.
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