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99 Red Banks
 Regulators shut down San Joaquin Bank in California on Friday, marking the 99th failure this year of a federally insured bank.The Federal Deposit Insurance Corp. was appointed receiver of San Joaquin Bank, based in Bakersfield, Calif. It had $775 million in assets and $631 million in deposits as of Sept. 29. The FDIC said the bank's deposits will be assumed by Citizens Business Bank, based in Ontario, Calif. Its five branches will reopen Monday as branches of Citizens Business Bank. San Joaquin Bank's failure is expected to cost the FDIC's insurance fund $103 million. Posted by: Anonymoose 2009-10-17 |
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