SAN FRANCISCO–(Businesswire)–The California Department of Financial Institutions (DFI) today announced the closure of Sonoma Valley Bank, due to the bank’s inadequate capital and weakened condition.
Sonoma Valley Bank is a federally insured, state-chartered bank based in Sonoma with total assets of approximately $329 million. Its deposits are federally insured for up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
The DFI appointed the FDIC as receiver of Sonoma Valley Bank. The FDIC has accepted a bid to acquire Sonoma Valley Bank and assume its deposits, including all uninsured deposits.
