US regulators shut two California banks
Federal regulators have shut down two banks based in California, saying they fell victim to the acute distress in the housing market in that state.
By Agencies |
WASHINGTON: Federal regulators have shut down two banks based in California, saying they fell victim to the acute distress in the housing market in that state.
The failures on Friday of Downey Savings and Loan Association, based in Newport Beach, and PFF Bank & Trust of Pomona brought the number of US bank failures this year to 22.
The Federal Deposit Insurance Corp was appointed receiver of the two thrifts. US Bank, based in Minneapolis, acquired all the deposits of both.
Downey, the 23rd-largest US savings and loan, had assets of $12.8 billion and deposits of $9.7 billion as of September 30. PFF, the 38th-largest, had assets of $3.7 billion and $2.4 billion in deposits.
The failures on Friday of Downey Savings and Loan Association, based in Newport Beach, and PFF Bank & Trust of Pomona brought the number of US bank failures this year to 22.
The Federal Deposit Insurance Corp was appointed receiver of the two thrifts. US Bank, based in Minneapolis, acquired all the deposits of both.
Downey, the 23rd-largest US savings and loan, had assets of $12.8 billion and deposits of $9.7 billion as of September 30. PFF, the 38th-largest, had assets of $3.7 billion and $2.4 billion in deposits.
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