When will San Francisco’s Southside bank go under in 2017?
As the San Francisco Bay Area’s second-largest bank, Southside is the largest lender to local governments, the federal government and banks in the United States.
San Francisco Mayor Ed Lee has said that his city could get its money back from San Francisco Bank, which was forced to close after a $1.3bn bail-out from the Federal Reserve in December, and is in talks with other banks to find a new home.
But the bank’s future has been in question since the financial crisis, and with the number of banks closing in the Bay Area dropping, many residents have been looking for a way to replace them.
As well as taking the bank out of the city, some residents have also called for the bank to be sold, arguing that its assets could be better used elsewhere.
Southside Bank’s current owners, the Southern California Municipal Employees Retirement System, have already given up on a deal to sell the bank and will instead look to lease it out to another company, the San Diego-based Capital Advisors Group, according to the Financial Times.
The Bank of America and Chase have also been linked to the bank, but they declined to comment.
On Wednesday, the US Justice Department filed suit in the California Superior Court in San Diego against Bank of California, the state’s largest financial institution, alleging that the bank broke the law by failing to meet its legal obligations to taxpayers.
According to the suit, Bank of Americans employees in San Francisco were instructed to report losses and repay loan repayments in a manner that was in breach of the bank “systemic compliance obligations”.
The lawsuit claims that the banks failed to properly report loan losses in accordance with California law.
“The conduct by the banks was so egregious that the defendants’ failure to comply with its legal requirements was so flagrant as to constitute willful misconduct, and thus was a willful failure to meet the requirements of applicable California law,” the lawsuit reads.
Since the bank closed, it has been left with an estimated $1bn of debts that have yet to be repaid.
Many residents are also questioning why the bank is not selling the bank.
A spokeswoman for Bank of Ameritrade, which also operates the Southside branch, told Al Jazeera that the firm is in discussions with potential buyers and is waiting for legal proceedings to finish.
“The Bank will be conducting a review of the potential sale of our San Francisco Southside Banking unit, in order to determine what actions are necessary to protect the interest of our customers, as well as the broader financial community,” she said.
She said that while the bank would not comment on any discussions, it is working to protect its customers and employees.
However, the spokesperson did acknowledge that the company was not a “good fit” for the San Franciscans who were affected by the financial meltdown.
‘San Francisco was supposed to be a better bank’Since the financial collapse, the number and type of people who use San Francisco as a place to park has increased, prompting many residents to call for a new bank to take their place.
And while Southside, which has branches across the US, is known as a bank with good customer service, it does not have many branches in the city.
In a statement, Bank Aventura said that the move was part of its strategy to focus on the needs of the customers who use the bank for the most part.
“We’re committed to creating a world-class financial service experience for customers who need it most,” it said.
“The Southside banking team has been with us for over a decade, and we’re proud of the way they’ve handled some of the toughest times in our history.”
But some residents who were previously supportive of the Southshore have begun to question the decision.
Last year, former San Francisco mayor Willie Brown said that it was a “mistake” that the South Side Bank was closed.
At the time, he said that he thought it was “a good move”, but that he still did not believe the bank was a good fit.
Banks in California are not legally required to have at least one branch in every city they serve, but there are many places in California where this rule does not apply.
One example is San Francisco, where San Francisco Municipal Code prohibits a bank from operating in more than 100 blocks, and a bank cannot open more than one branch per district.
Despite this, Southshore Bank was able to open branches in every corner of the US.
Another example is Chicago, where the city does not ban banks from opening branches, but the city prohibits banks from doing business in certain areas.
While the city of San Francisco did not ban Southside from opening in 2017, the bank will no longer be able to do business in the US city.
In September, the Federal Deposit