First Vietnamese American Bank

★★★☆☆
  • 8990 Westminster Blvd

    Westminster, CA 92683

    Map & Directions
  • 714-894-3105

About First Vietnamese American Bank

Finance

Finance
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Will First Vietnamese American Bank (FVAB) be taken over by the FDIC soon?

First Vietnamese American Bank ( www.fvab.com ) is a small bank which opened its doors in Westminster, CA in mid 2005. The bank has been cited by the FDIC and the CDFI (California Department of Financial Institutions) on three occasions in its short life. The 3rd as recent as May of 2010. The FDIC has issued Cease and Desist orders against the bank officers, directors and employees. The bank has less than $1.9 million in Capital as of March 31, 2010 and is loosing money at more that $500,000 per quarter. You can read more about the bank at: http://firstvietnameseamericanbank.blogspot.com/ and http://www.fdic.gov/bank/individual/enforcement/2010-05-05.pdf and http://www.ocbj.com/news/2010/mar/07/rise-bad-loans-raises-questions-two-little-saigon-/ and http://www.fdic.gov/bank/individual/enforcement/2009-02-42.pdf and http://www.fdic.gov/bank/individual/enforcement/2006-12-03.pdf So another quarter has ended and it looks like they will loose another $500,000 which would put their capital at $1.4 million or less than 5% which is below the FDIC requirements.

1
★☆☆☆☆

Will First Vietnamese American Bank (FVAB) be taken over by the FDIC soon?

First Vietnamese American Bank ( www.fvab.com ) is a small bank which opened its doors in Westminster, CA in mid 2005. The bank has been cited by the FDIC and the CDFI (California Department of Financial Institutions) on three occasions in its short life. The 3rd as recent as May of 2010. The FDIC has issued Cease and Desist orders against the bank officers, directors and employees. The bank has less than $1.9 million in Capital as of March 31, 2010 and is loosing money at more that $500,000 per quarter. You can read more about the bank at: http://firstvietnameseamericanbank.blogspot.com/ and http://www.fdic.gov/bank/individual/enforcement/2010-05-05.pdf and http://www.ocbj.com/news/2010/mar/07/rise-bad-loans-raises-questions-two-little-saigon-/ and http://www.fdic.gov/bank/individual/enforcement/2009-02-42.pdf and http://www.fdic.gov/bank/individual/enforcement/2006-12-03.pdf So another quarter has ended and it looks like they will loose another $500,000 which would put their capital at $1.4 million or less than 5% which is below the FDIC requirements.

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Customers at the Bank feel like they are coming home, person to person good service and people who try hard. A bad review here written when the Bank was open only 2 weeks old. That Bank does well for everyone!

5
★★★★★

Customers at the Bank feel like they are coming home, person to person good service and people who try hard. A bad review here written when the Bank was open only 2 weeks old. That Bank does well for everyone!

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I went in to have my account change. The manager asked me if i need help, and I replied yes. Then suddenly she just went to talk to another customer who just came in the door. What a rude thing to do after i waited in line for 10 mins.

2
★★☆☆☆

I went in to have my account change. The manager asked me if i need help, and I replied yes. Then suddenly she just went to talk to another customer who just came in the door. What a rude thing to do after i waited in line for 10 mins.

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