Number of bank failures is now 23.
WASHINGTON (AP) — Federal regulators shut down two big savings and loans based in Southern California on Friday, saying they fell victim to the acute distress in the housing market in that state.
The two companies were the Downey Savings and Loan Association, based in Newport Beach, and PFF Bank & Trust of Pomona. Their closings brought the number of bank failures this year to 22.
The Federal Deposit Insurance Corporation was appointed receiver of the two thrifts. U.S. Bank, based in Minneapolis, acquired all the deposits of both institutions.
Downey had assets of $12.8 billion and deposits of $9.7 billion as of Sept. 30. PFF had assets of $3.7 billion and $2.4 billion in deposits.
Also Friday, Georgia regulators shut down The Community Bank, a small bank in Loganville, Ga. The F.D.I.C. was made receiver of the bank, which had $681 million in assets and $611.4 million in deposits as of Oct. 17. The F.D.I.C. said all the bank’s deposits and about $84.4 million of its assets will be acquired by Bank of Essex, of Tappahannock, Va. Its four branches will reopen Monday as offices of Bank of Essex.
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2 comments:
Well, PFF is not going to be anyone's BFF after this.
Mr. Kitty look for more banks to fold as nothing is done while Bush just sits around and drinks and takes drugs. The Media is blaming Obama while praising Bush. Janl 20th can't come fast enough for me. Now if I were to be granted a wish, it would be for Bush and Cheney to resign now.
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