“On November 6, 2009, the California Department of Financial Institutions (CDFI) closed United Commercial Bank (UCB), San Francisco, California, and named the FDIC as receiver. On January 20, 2010, the FDIC notified the Office of the Inspector General (OIG) that UCBs total assets at closing were $10.9 billion and the estimated loss to the Deposit Insurance Fund (DIF) was $1.4 billion. As of June 25, 2010, the estimated loss to the DIF had increased to $1.5 billion…The primary reason for UCBs failure was inadequate oversight by the Board of Directors (Board) and management. In particular, UCBs Board and management failed to control the risks associated with the institutions rapid expansion, which began in 2002. Further, management controls were insufficient to prevent the occurrence of inaccuracies, omissions, and misrepresentations that affected key UCB financial data.”
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