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epicsurvivorRegulators shut nine banks Friday, including Los Angeles-based California National, as the still-weak economy produces a stream of loan defaults.
The banks were units of privately held FBOP Corp., a Chicago-based bank holding company.
The Federal Deposit Insurance Corporation said U.S. Bank in Minneapolis agreed to assume the deposits and most of the assets of the banks.
The banks are mostly in the West and had combined assets of $19.4 billion at the end of September.
The closings boost the number of failed U.S. banks this year to 115. The nine banks closed Friday were the most the agency has shut in one day since the financial crisis began taking down banks last year. In 1989, at the height of the savings-and-loan crisis, the FDIC closed 534 banks, or about 10 a week.
Commercial real estate is the next shoe to drop.
Green shoots, anyone? Seems like yesterday we were hearing the recession was over.
How’s that hope and change working for ya’?
Filed under: business and economy, obama Tagged: | fdic friday, green shoots, hopenchange
