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Harrington West files for bankruptcy

By   /   Friday, September 10th, 2010  /   Comments Off on Harrington West files for bankruptcy

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Solvang-based Harrington West Financial Group, the former parent of failed Los Padres Bank, announced Sept. 10 that it has voluntarily filed for Chapter 11 bankruptcy.

Harrington West, listing more than $26 million in liabilities, said it intends to file a liquidating plan within the next few months. With the loss of Los Padres Bank — its primary asset — in a seizure by federal regulators in August, Harrington West now has assets of $579,282, plus a potential tax refund of an unknown amount.

On Aug. 20, federal banking regulators closed Solvang-based Los Padres Bank after its capital levels dwindled. The bank was taken into receivership by the Federal Deposit Insurance Corp. and its 14 branches were acquired by San Diego-based Pacific Western Bank.

For more about the Los Padres Bank failure, click here.

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