The Federal Deposit Insurance Corp. will be shuttering its office in the Irvine Spectrum early next year, in what it says is a reflection of improving health in the banking industry.
The FDIC opened the temporary office in early 2009, signing a 200,000-square-foot lease for Irvine Company’s recently-built 40 Pacifica building in the Spectrum.
The headline-making deal was one of the largest office leases seen in Orange County in several years.
The lease was for three years, with two one-year options. The options aren’t being exercised, the FDIC said.
The office was used by the FDIC to manage receiverships and to liquidate assets from failed financial institutions, primarily those based in the western U.S.
The office appears to still be busy. On Friday, the FDIC announced the closure of Palm Springs’ Canyon National Bank.
Costa Mesa’s Pacific Premier Bank has assumed all of Canyon National’s $205 million in deposits.
Canyon National was the 18th FDIC-insured institution to fail this year and the first in California.
Still, “in recognition of the signs of the improving health of the banking industry in the western United States, the FDIC has determined that the current projected workload does not support continuing the temporary office,” the FDIC said in a release.
The Irvine office, which held room for about 600 employees, is set to close next January, the FDIC said.
