*Regulators close local bank

Western Commercial Bank in Woodland Hills, which was opened right before the financial meltdown and has struggled with heavy losses and dwindling capital, is being taken over by First California Bank in Westlake Village - and will reopen on Monday under the First California name. Western Commercial had been receiving several notices from regulators ordering it to raise more money or else, and when that happens it's usually just a matter of time before the end. (Business Journal)

*Make that two: OC's First Vietnamese American Bank has been shut down by state regulators. Grandpoint Bank of Los Angeles will take over First Vietnamese's $48 million in assets and $47 million in deposits. The bank had been operating for five years and was the only community lender in the U.S. with a core customer base of Vietnamese immigrants. (LAT)