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February 22, 2010

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Regulators close 4 American lenders

REGULATORS have shut another four banks from California to Florida, boosting to 20 the number of United States bank failures this year following the 140 closures last year in the worst financial climate in decades.

The Federal Deposit Insurance Corp last Friday took over La Jolla Bank FSB in La Jolla, California. The bank had 10 branches and about US$3.6 billion in assets and US$2.8 billion in deposits. Also seized was George Washington Savings Bank in Orland Park, Illinois. It had four branches and US$412.8 million in assets and US$397 million in deposits.

The FDIC said OneWest Bank in Pasadena, California, agreed to assume all deposits and essentially all assets of La Jolla Bank. The takeover will cost the deposit insurance fund US$882.3 million.

FirstMerit Bank, National Association of Akron, Ohio, agreed to take over deposits at George Washington Savings Bank.

The others seized were Marco Community Bank on Florida's Gulf Coast and La Coste National Bank of La Costa in Texas.


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