3 More Banks Gone today-Submitted by christopher X on Sat, 02/07/2009 - 00:39
Three U.S. Banks Shut by Regulators as Financial Crisis Deepens
By Margaret Chadbourn and Ari Levy
Feb. 6 (Bloomberg) -- Three banks, two in California and one in Georgia, were seized today by regulators, bringing this year’s tally of closings to nine as a recession and record foreclosures extend the biggest financial crisis in more than 70 years.
County Bank of Merced, California, with deposits of $1.3 billion and assets of $1.7 billion, was shut tonight by the state’s Department of Financial Institutions, according to an e-mailed statement from the Federal Deposit Insurance Corp. Westamerica Bancorporation, holding company for Westamerica Bank, acquired all the assets and deposits.
The Georgia Department of Banking and Finance closed McDonough-based FirstBank Financial Services Inc., which had $337 million in assets and $279 million in deposits as of Dec. 31, the FDIC said in a statement. The California Department of Financial Institutions shut Culver City-based Alliance Bank, with assets of $1.14 billion and $951 million in deposits. (full article at link)