Business & Finance
Business and Finance
Business and Finance 
Mon, September 13, 2010
Sun, September 12, 2010
Sat, September 11, 2010
Fri, September 10, 2010
Harrington West Files for Chapter 11 Bankruptcy Protection
SOLVANG, Calif.--([ BUSINESS WIRE ])--Harrington West Financial Group, Inc. (OTCBB:HWFG) announced today that it filed a voluntary petition to liquidate its assets under Chapter 11 of Title 11 of the United States Code (Bankruptcy Code) in the United States Bankruptcy Court, Central District of California, Northern Division, Case No 9:10-bk-14677 . HWFG, the Debtor, continues to operate its business as a debtor in possession under sections 1107(a) and 1108 of the Bankruptcy Code.
On August 20, 2010, the Office of Thrift Supervision closed HWFGa™s subsidiary bank and principal asset, Los Padres Bank, FSB (LPB), and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of LPB. On the same day, the FDIC facilitated the acquisition of most of the loans, some securities, and the assumption of the deposits and various other liabilities of LPB by Pacific Western Bank.
HWFG intends to file a liquidating plan within a few months. In the Schedules of Assets and Liabilities filed by HWFG along with the Chapter 11 petition, HWFG reported that its total assets as of the petition date were approximately $579,282, plus a potential tax refund of an unknown amount. Its total liabilities were approximately $26,004,000.