First Pacific Bancorp, Inc. v. Helfer
Court of Appeals for the Ninth Circuit
1Opinion of the Court
*1119BACKGROUND
MOLLOY, District Judge:
Plaintiff First Pacific Bancorp, Inc. (“Bancorp”), a Delaware corporation, is a one-bank holding company and the sole shareholder of First Pacific Bank (“the Bank”). Plaintiffs Ada P. Sands, Leonard S. Sands and Michael Zugsmith are shareholders of Bancorp.
On August 7, 1990, the California Department of Banking appointed the Federal Deposit Insurance Corporation (“FDIC”) as Receiver for the Bank. Sometime around May 7, 1996, nearly six years after the Bank went into receivership, the FDIC notified Plaintiffs that it was terminating its receivership of the…
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