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Three small banks fail, are taken over

February 7, 2009

U.S. financial regulators say they have shut down two small banks in California and one in Georgia, making nine U.S. bank failures so far in 2009.

In a statement released Friday, the Federal Deposit Insurance Corp. said it sold the deposits of FirstBank Financial Services of McDonough, Ga., to Regions Financial Corp., of Birmingham, Ala., a larger regional bank that has been looking to pick up market share in the Atlanta area, The Wall Street Journal reported.

Regions also recently picked up deposits and branches from the failed Integrity Bancshares Inc. of Alpharetta, Ga.

The FDIC also announced the assets of Alliance Bank of Culver City, Calif., have been sold to California Bank & Trust of San Diego. Alliance Bank had total assets of approximately $1.14 billion and total deposits of $951 million as of the end of last year. Alliance Bank’s five offices will reopen on Monday as branches of California Bank & Trust, the Journal said.

Also Friday, the FDIC agreed to sell the deposits of County Bank of Merced, Calif., to Westamerica Bank of San Rafael, Calif. As of Feb. 2, County Bank had total assets of approximately $1.7 billion and total deposits of $1.3 billion, the newspaper reported.


Source: upi



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