Banks in Ga., Mich., Minn., Mo., Calif. closed
The Associated PressOriginally published: November 08. 2009 3:01AM
Last modified: November 07. 2009 11:13PM
CHARLOTTE, N.C — Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans.
The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in assets and $7.5 billion in deposits. East West Bancorp Inc., parent company of East West Bank based in Pasadena, Calif., is buying all of the deposits and most of the failed bank's assets.
The FDIC also closed United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits; Home Federal Savings Bank in Detroit, with $14.9 million in assets and $12.8 million in deposits; Prosperan Bank, based in Oakdale, Minn., with $199.5 million in assets and $175.6 million in deposits; and Gateway Bank in St. Louis, with $27.7 million in assets and $27.9 million in deposits.
Ameris Bank, based in Moultrie, Ga., agreed to assume the assets and deposits of United Security, while Liberty Bank and Trust Co., based in New Orleans, is buying the assets and deposits of Home Federal Savings.
Alerus Financial of Grand Forks, N.D., agreed to assume the assets and deposits of Prosperan Bank, while Central Bank of Kansas City is buying the assets and deposits of Gateway Bank.
If you want even more of the best news and information source in Blount County, every word of The Daily Times print edition is available online. Get fully searchable access online and a downloadable PDF copy of the newspaper every day with your subscription. Prefer hard copy? Subscribe today for home delivery service. The Daily Times, your hometown newspaper of record for 125 years and counting.