The Desert Community Bank in China Desert, California, has announced it will close its doors in the coming months due to a shortage of qualified and experienced staff.
The bank has been plagued by financial problems for many years, and has been forced to lay off staff and close branch offices.
The community bank has also been hit with a $5.6 million fine from the U.S. Department of Justice for failing to properly prevent money laundering.
In October 2017, Chino Hills Community Bank also shut down due to financial problems, according to ABC News.
It was the third community bank in the state of California to shut down in less than two years.
This is the second community bank to close down in California in less then two years, following a $10.8 million fine for not properly preventing money laundering by its customers.
In 2018, the Los Angeles County District Attorney’s Office announced that it would not charge the bank for the improper money laundering that it committed in the months before the bank closed down.
As of September 2019, Chinatown Community Bank, which was originally opened in 1984, has had no new openings since it closed.