September 13, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Harrington West Financial Group, Inc. (OTCBB: HWFG) said that it filed a voluntary petition to liquidate its assets under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court, Central District of California, Northern Division. 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, the Office of Thrift Supervision closed HWFG’s subsidiary bank and principal asset, Los Padres Bank, FSB, and appointed the Federal Deposit Insurance Corporation 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.

California-based Harrington West Financial said it plans to file a liquidating plan within a few months. In a 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 around $579,282, plus a potential tax refund of an unknown amount.

The company stated its total liabilities at around $26,004,000.

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