Calabasas-based bank closed

he First Bank of Beverly Hills - headquartered in Calabasas -- was closed by the state Friday and its assets were taken over by the Federal Deposit Insurance Corp., which plans to refund deposits to the bank's customers. Daily News.

The state Department of Financial Institutions cited inadequate capital as the basis for the closure. As of April 15, the bank had total assets of about $1.2 billion and total deposits of about $848 million.

State officials said they ordered the bank to increase its capital reserves, but the bank was unable to do so.