Friday Night Bank Closures – I missed one….

by Tom on November 7, 2009
in banks

There were actually 5 of them last night.

Calculated Risk: Bank Failure #120: United Commercial Bank, San Francisco, California

From the FDIC: East West Bank, Pasadena, California Assumes All the Deposits of United Commercial Bank, San Francisco, California

United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …

As of October 23, 2009, United Commercial Bank had total assets of $11.2 billion and total deposits of approximately $7.5 billion. …

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.4 billion. … United Commercial Bank is the 120th FDIC-insured institution to fail in the nation this year, and the 14th in California. The last FDIC-insured institution closed in the state was Pacific National Bank, San Francisco, which closed on October 30, 2009.

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