The bank was closed by the Office of the Comptroller of the Currency after financial issues caused by the subprime mortgage crisis of 2008.
Two years later, FBOP acquired five branches of Topa Savings and Topa Thrift, establishing California National Bank.
By 2009, Cal National had grown to 68 branches throughout Southern California.
[clarification needed] On Friday, October 30, 2009, California National Bank was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
[1] Because of the subprime mortgage crisis, Cal National suffered massive losses on $855 million worth of securities issued by Fannie Mae and Freddie Mac -- becoming a primary cause of Cal National's failure.