BHBC was a one-bank bank holding company that conducted its banking and lending operations through its wholly owned subsidiary First Bank of Beverly Hills, a California banking corporation. As a result of downturns in the real estate market, in 2008 the Bank sustained substantial losses in its real estate loan and mortgage-backed securities portfolios, and as of December 31, 2008, it no longer met applicable regulatory capital requirements. On April 24, 2009, the CDFI closed the Bank and the FDIC was appointed as the Bank's receiver. Since the Bank was placed into receivership, BHBC has had no active business or operations.