Saturday, February 1, 2014

Treasure Valley Bank Taken Over By California Lender

Posted By on Sat, Feb 1, 2014 at 1:03 PM

When Idaho customers of Syringa bank— which operates branches in Boise, Eagle, Lewiston, Meridian and Middleton—wake up Monday, Feb. 3, they'll see that their assets are now the responsibility of California-based Sunwest Bank.

Idaho regulators took the keys from Syringa officials late Friday, Jan. 31, approving the sale of assets to Sunwest, headquartered in Irvine, Calif.. Syringa is only the second Idaho-chartered bank to shutter since 1986, but is already the third bank to close nationally in 2014.

Syringa had been subject to a series of orders to improve its financial house, but according to state officials the bank "continued to deteriorate," with inadequate capital.

At the end of  third quarter 2013, Syringa reported just over $145 million in total deposits.

Syringa customers will be able to continue using their checks and ATM cards come Monday, but Sunwest is expected to change those financial instruments sooner than later.

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