Occasion2B

list of failed banks

http://www.fdic.gov/bank/individual/failed/banklist.html

The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.

This list includes banks which have failed since October 1, 2000.

Bank Name    Closing Date    Updated Date
Integrity Bank, Alpharetta, GA    August 29, 2008    August 29, 2008
The Columbian Bank and Trust, Topeka, KS    August 22, 2008    August 22, 2008
First Priority Bank, Bradenton, FL    August 1, 2008    August 1, 2008
First Heritage Bank, NA, Newport Beach, CA    July 25, 2008    July 25, 2008
First National Bank of Nevada, Reno, NV    July 25, 2008    July 25, 2008
IndyMac Bank, Pasadena, CA    July 11, 2008    July 11, 2008
First Integrity Bank, NA, Staples, MN    May 30, 2008    July 25, 2008
ANB Financial, NA, Bentonville, AR    May 9, 2008    July 25, 2008
Hume Bank, Hume, MO    March 7, 2008    July 25, 2008
Douglass National Bank, Kansas City, MO    January 25, 2008    July 25, 2008
Miami Valley Bank, Lakeview, OH    October 4, 2007    July 25, 2008
NetBank, Alpharetta, GA    September 28, 2007    July 25, 2008
Metropolitan Savings Bank, Pittsburgh, PA    February 2, 2007    July 25, 2008
Bank of Ephraim, Ephraim, UT    June 25, 2004    April 9, 2008
Reliance Bank, White Plains, NY    March 19, 2004    April 9, 2008
Guaranty National Bank of Tallahassee, Tallahassee, FL    March 12, 2004    July 25, 2008
Dollar Savings Bank, Newark, NJ    February 14, 2004    April 9, 2008
Pulaski Savings Bank, Philadelphia, PA    November 14, 2003    July 22, 2005
The First National Bank of Blanchardville,
Blanchardville, WI    May 9, 2003    July 25, 2008
Southern Pacific Bank, Torrance, CA    February 7, 2003    July 25, 2008
The Farmers Bank of Cheneyville, Cheneyville, LA    December 17, 2002    October 20, 2004
The Bank of Alamo, Alamo, TN    November 8, 2002    March 18, 2005
AmTrade International Bank of Georgia, Atlanta, GA    September 30, 2002    September 11, 2006
AmTrade International Bank of Georgia, Atlanta, GA
Spanish Version    September 30, 2002    September 11, 2006
Universal Federal Savings Bank, Chicago, IL    June 27, 2002    April 9, 2008
Connecticut Bank of Commerce, Stamford, CT    June 26, 2002    July 25, 2008
New Century Bank, Shelby Township, MI    March 28, 2002    March 18, 2005
Net 1st National Bank, Boca Raton, FL    March 1, 2002    April 9, 2008
NextBank, N.A., Phoenix, AZ    February 7, 2002    July 25, 2008
Oakwood Deposit Bank Company, Oakwood, OH    February 1, 2002    July 25, 2008
Bank of Sierra Blanca, Sierra Blanca, TX    January 18, 2002    November 6, 2003
Hamilton Bank, N.A., Miami, FL
Spanish Version    January 11, 2002    July 25, 2008
Sinclair National Bank, Gravette, AR    September 7, 2001    February 10, 2004
Superior Bank, FSB, Hinsdale, IL    July 27, 2001    July 25, 2008
The Malta National Bank, Malta, OH    May 3, 2001    November 18, 2002
First Alliance Bank & Trust Company, Manchester, NH    February 2, 2001    February 18, 2003
National State Bank of Metropolis, Metropolis, IL    December 14, 2000    March 17, 2005
Bank of Honolulu, Honolulu, HI    October 13, 2000    March 17, 2005

add WASHINGTON: Federal regulators on Friday shut down Kansas bank Columbian Bank and Trust Company.

i'd be looking for some black suv's visiting a couple of more institutions soon.  :cow:

On September 5, 2008, Silver State Bank, Henderson, NV was closed by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.

he rising turmoil in the financial sector of the US has swallowed yet another bank. The latest to fall prey to the current crisis and close late Friday by the Office of Thrift Supervision, or the OTS, is Northfork, West Virginia-based Ameribank Inc.. As is the customary practice, no intimation is given to the public in advance about the closure of the bank. The Federal Deposit Insurance Corporation, or FDIC, has been named as the receiver.

FDIC has stated that all the accounts of the Ameribank Inc. operating in Ohio region has been transferred to The Citizens Savings Bank, while the deposit accounts in West Virginia region have been transferred to Pioneer Community Bank N.V.

it sent me here

would it have been better if it sent you here?

https://occasion-to-be.com/forum/index.php?action=post;topic=2166.0;num_replies=6

I don't know... let me think about it...

it might be nice...

does the news article automatically start a thread? --- if you were the first to want to comment, that is...


or does it only  take you to a thread that has already been started by someone else

well, right now , it would only let you post a reply to threads started on the forum.

i'm thinking of a way to let you start a post about a story from off site, but, so many news sites and blogs encourage readers to make comments that i kind of feel it might not be proper edicate to redirect people to post on the forum instead of the original sources comment page?

 know what i mean?

roger

copy that

saw an internetS rumor:  bank holiday on Monday

humm... wonder if that one will find some legs to stand on?  :dunno:


I asked my buddy who works in finance and got a shrug and a "wouldn't surprise me"


I'm  :sleepy: I need enough energy to stack half that wood tomorrow afternoon/evening, if not all of it

'nite

night ; 0 )

couple more got snuck onto the list
:cow:


   
Failed Bank List

The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.

This list includes banks which have failed since October 1, 2000.

Bank Name    Closing Date    Updated Date
Meridian Bank, Eldred, IL    October 10, 2008    October 10, 2008
Main Street Bank, Northville, MI    October 10, 2008    October 10, 2008
Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT    September 25, 2008    September 25, 2008

On October 24, 2008, Alpha Bank & Trust, Alpharetta, GA was closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions.

2 more banks today

3 more today :cow:

 PFF Bank and Trust, Pomona, CA      November 21, 2008       November 21, 2008
Downey Savings and Loan, Newport Beach, CA    November 21, 2008    November 21, 2008
The Community Bank, Loganville, GA    November 21, 2008    November 21, 2008

How Many US Banks Will Fail? A Bailout Stretching To Infinity

95129cThe FDIC seized three more banks and sold their assets: Downey Savings and Loan, PFF Bank & Trust, and Community Bank of Loganville. The agency now has 117 banks on its list of endangered institutions.

Many experts think the FDIC list is much too short and that it is a form of "window dressing" to keep the public from getting panicky. That is almost certainly true. If residential and mortgage failures pick up and consumers default on more and more of their obligations, the actual number of banks which fail could rise sharply between now and the beginning of 2009..New York University Professor Nouriel Roubini predicts that the head count of banks taken over by the agency will go well into the hundreds.

According to The Wall Street Journal, "Three more banks failed Friday as government officials scramble to contain the spreading financial turmoil, marking the highest volume of bank failures in one day since the Savings and Loan crisis."

One of the most significant problems is that the FDIC is running low on money to cover assets in failed banks. That means it will have to go to the Treasury for more capital. Treasury has that money, but it is fair to question what happens when more billions of dollars get added to the $700 billion already earmarked for a massive financial bailout.

The government will just have to print more money. As long as the Japanese and Chinese governments will buy that Treasury debt, the bailout could go on forever.

Douglas A. McIntyre
http://www.247wallst.com/2008/11/how-many-us-ban.html

NEW YORK (AP) - The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter - yet another sign of escalating problems among the institutions controlling Americans' deposits.

The 171 banks on the FDIC's "problem list" encompass only about 2 percent of the nearly 8,500 FDIC-insured institutions. Still, the increase from 117 in the second quarter is sharp, and the current tally is the highest since late 1995.

"We've had profound problems in our financial markets that are taking a rising toll on the real economy," said FDIC Chairman Sheila Bair in a statement, adding that Tuesday's report "reflects these challenges."

Banks across the country have been hurt - and in some cases, devastated - by the collapse of the subprime mortgage market and subsequent problems across the lending spectrum. As the FDIC report shows, the number of hobbled institutions is rising at a quickening pace, a trend that has already begun to reshape the banking industry.

The FDIC said total assets held by troubled institutions climbed from $78.3 billion to $115.6 billion - a figure that suggests that the nation's top 20 banks aren't on the list, even though they are getting slammed, too, by the growing credit crisis. The FDIC does not reveal the names of the institutions it deems troubled.

Bert Ely, a banking consultant based in Alexandria, Va., pointed out that the assets held by problem banks represent less than 1 percent of those held by all U.S. banks. "We're still talking about a fairly small portion of the industry," he said.

And on average, only about 13 percent of institutions on the FDIC's list end up failing.

Still, banks that don't make the list can end up collapsing anyway - the two biggest bank failures over the past year, Washington Mutual Inc. and IndyMac Bancorp, had not been on the FDIC's list of troubled banks. Wachovia Corp. (WB), which nearly failed before it got bought by Wells Fargo & Co. (WFC) in October, had not been on the list, either.

Nine banks failed in the third quarter, decreasing the FDIC's deposit insurance fund to $34.6 billion from $45.2 billion in the second quarter. This quarter, the pace appears to be picking up - nine banks have already failed since Sept. 30, including Downey Savings and Loan Association, based in Newport Beach, Calif.

"To some extent, a bank failure is a regulatory failure," Ely said. Regulators, if they address bank problems early on, can convince a troubled bank to sell off assets, raise capital or find a buyer, he said. "My hope is they're moving faster on these problems."

The FDIC said Tuesday that commercial banks and savings institutions suffered a 94 percent drop in third-quarter profits to $1.7 billion from $27 billion in the same period last year. Except for the fourth quarter of 2007, it was the lowest quarterly profit since the fourth quarter of 1990.

Those institutions wrote off $27.9 billion in loans as uncollectible during the quarter.

Recently, community banks - defined as those with assets under $1 billion - have started to show similar stresses as their larger counterparts, the FDIC said.

James Chessen, chief economist at the American Bankers Association, said in a statement that the banking industry as whole, however, "remains well-positioned to meet the credit needs of local communities." Since last year, bank lending to businesses has risen by more than 8 percent, while bank lending to individuals has risen by nearly 7 percent, he said.

The U.S. government has been guaranteeing and buying more and more types of debt in an effort to keep the financial system functional. Late Sunday, Citigroup Inc. (C) got a government backstop for $306 billion worth of mortgages and other assets. On Tuesday, the Federal Reserve agreed to buy up to $600 billion in mortgage-backed assets.

http://apnews.myway.com/article/20081125/D94M69880.html

On December 5, 2008, First Georgia Community Bank, Jackson, GA was closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions.

well, I guess if your bank fails, it's best to have it happen before the FDIC runs out of cash

2 more banks today

On Friday, December 12, 2008, Sanderson State Bank, Sanderson, TX was closed by the Texas Department of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions.

--------------------------------

On December 12, 2008, Haven Trust Bank, Duluth, GA was closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions.

http://www.fdic.gov/bank/individual/failed/haventrust.html

They added a couple of more today :cow:

and another one gone :cow:

On January 23, 2009, 1st Centennial Bank, Redlands, CA was closed by the California Department of Financial Institutions (DFI) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution.  Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution.  The FDIC has compiled the following information which should answer many of your questions.

3 more down friday.

 Ocala National Bank, Ocala, FL      January 30, 2009       January 30, 2009
Suburban Federal Savings Bank, Crofton, MD    January 30, 2009    January 30, 2009
MagnetBank, Salt Lake City, UT    January 30, 2009    January 30, 2009

3 more banks today


   
Failed Bank List

The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.

This list includes banks which have failed since October 1, 2000.

Bank Name    Closing Date    Updated Date
County Bank, Merced, CA    February 6, 2009    February 6, 2009
Alliance Bank, Culver City, CA    February 6, 2009    February 6, 2009
FirstBank Financial Services, McDonough, GA    February 6, 2009    February 6, 2009

4 more this week :cow:

-------------

 Pinnacle Bank of Oregon, Beaverton, OR      February 13, 2009       February 13, 2009
Corn Belt Bank and Trust Company, Pittsfield, IL    February 13, 2009    February 13, 2009
Riverside Bank of the Gulf Coast, Cape Coral, FL    February 13, 2009    February 13, 2009
Sherman County Bank, Loup City, NE    February 13, 2009    February 13, 2009

only one this week

3 more today

Bank Name     
TeamBank, National Association, Paola, KS    March 20, 2009    
Colorado National Bank, Colorado Springs, CO    March 20, 2009    
FirstCity Bank, Stockbridge, GA    March 20, 2009    

2 more

NEW YORK: The number of failed US banks reached 25 this year after two more regional financial institutions closed their doors, the government announced.

The tally for less than the first four months of this year has already equalled the total of last year.

On Friday, Great Basin Bank of Nevada, which has nearly 271 million dollars in assets and is based in the city of Elko, was closed by the State of Nevada Division of Financial Institutions, the Federal Deposit Insurance Corporation (FDIC) announced.

On the same day, American Sterling Bank of Sugar Creek, Missouri, with nearly 172 million dollars in assets, was closed by The Office of Thrift Supervision.

http://www.thearynews.com/english/newsdetail.asp?nid=25370

4 more banks this week

Westsound Bank, Bremerton, WA     34843     May 8, 2009      May 8, 2009

On Thursday, May 21, 2009, BankUnited, FSB, Coral Gables, FL was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  Subsequent to the closure, BankUnited, a newly chartered federal savings bank, acquired the assets and most of the liabilities of BankUnited, FSB from the FDIC as Receiver for BankUnited, FSB.  No advance notice is given to the public when a financial institution is closed.

Florida bank collapses - firms swoop in
$13 billion BankUnited closed in biggest failure of year. Florida thrift bought by Wilbur Ross, Carlyle Investment, Blackstone Capital and other private firms.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: May 21, 2009: 7:29 PM ET

NEW YORK (CNNMoney.com) -- A consortium of private equity firms has acquired BankUnited FSB in Florida after the savings and loan was shut down by federal regulators Thursday.

The 34th bank to fail this year and the largest so far, BankUnited (BKUNA) had $12.8 billion in assets, $8.6 billion in deposits and 85 branches. The new institution will be named BankUnited.

Similar to a deal it did with IndyMac, the California mortgage bank that failed last July, the Federal Deposit Insurance Corp. will share in losses on about $10.7 billion in assets. The bank's new owners will inject $900 million in new capital into the Coral Gables, Fla.-based institution.

The FDIC estimates it will take a $4.9 billion hit to its deposit insurance fund.

Investors include WL Ross & Co., Carlyle Investment Management, Blackstone Capital Partners, Centerbridge Capital Partners, LeFrak Organization, The Wellcome Trust, Greenaap Investments and East Rock Endowment Fund.

The new BankUnited will be run by industry veteran John Kanas, who built North Fork Bank in New York City's Long Island suburbs into a regional powerhouse. Kanas ran Capital One's banking operation after it acquired North Fork in 2006. He left Capital One (COF, Fortune 500) the next year.

The deal is the second involving private investors and a failed bank, and comes five months after a consortium acquired IndyMac. Private equity firms have become increasingly interested in acquiring banks, though their participation in such deals had long been limited. Last year, as failures mounted, regulators relaxed the rules about who can buy a bank.

In early January, a group of private investment firms, including buyout shop J.C. Flowers & Co. and hedge fund Paulson & Co., struck a deal with the Federal Deposit Insurance Corp. to buy failed mortgage lender IndyMac for $13.9 billion. The bank is now controlled by IMB Management Holdings, led by Steven Mnuchin, who is chair and co-chief executive of Dune Capital Management.

The IndyMac deal is thought to be the first where private investors led the buyout of a failed bank.

In the IndyMac purchase, the buyers took responsibility for the first 20% of losses, and the FDIC covered the majority of additional losses. IndyMac's failure is expected to cost the agency $10.7 billion.

The BankUnited acquisition fulfills a pledge by billionaire investor Wilbur Ross, known for his investments in distressed companies in the steel, automotive industries. The head of WL Ross & Co. said in January that it was only a matter of time before his firm bought a bank.

Investors have for weeks been circling BankUnited, which was toppled by its mortgage portfolio.

"Ultimately, the combination of an excessive concentration in payment option ARM loans with too many risk layers and rapidly deteriorating economic conditions overwhelmed BankUnited's capacity to absorb the losses on the portfolio," according to the Office of Thrift Supervision, which regulated the institution.

In mid-April, the regulator told the bank it must hook up with another institution or sell itself to correct its severe capital deficiency. Three groups offered bids, which were due at 5 p.m. Thursday. To top of page
First Published: May 21, 2009: 6:09 PM ET
 
 
 
Find this article at:
http://money.cnn.com/2009/05/21/news/companies/BankUnited

2 more today :cow:

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On May 22, 2009, Citizens National Bank , Macomb, Illinois was closed by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

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On Friday, May 22, 2009, Strategic Capital Bank, Champaign, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

just one this week :cow:
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On Friday, June 5, 2009, Bank of Lincolnwood, Lincolnwood, IL was closed by the Illinois Department of Financial and Professional Regulation, Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

3 more today :cow:

First National Bank of Anthony, Anthony, KS     4614     June 19, 2009      June 19, 2009
Cooperative Bank, Wilmington, NC    27837    June 19, 2009    June 19, 2009
Southern Community Bank, Fayetteville, GA    35251    June 19, 2009    June 19, 2009

5 more banks yesterday :cow:

---

Mirae Bank, Los Angeles, CA     57332     June 26, 2009      June 26, 2009
Metro Pacific Bank, Irvine, CA    57893    June 26, 2009    June 26, 2009
Horizon Bank, Pine City, MN    9744    June 26, 2009    June 26, 2009
Neighborhood Community Bank, Newnan, GA    35285    June 26, 2009    June 26, 2009
Community Bank of West Georgia, Villa Rica, GA    57436    June 26, 2009    June 26, 2009

^ more banks went down today :cow:

Founders Bank    Worth     IL     18390    July 2, 2009     July 2, 2009
Millennium State Bank of Texas    Dallas    TX    57667    July 2, 2009    July 2, 2009
First National Bank of Danville    Danville    IL    3644    July 2, 2009    July 2, 2009
Elizabeth State Bank    Elizabeth    IL    9262    July 2, 2009    July 2, 2009
Rock River Bank    Oregon    IL    15302    July 2, 2009    July 2, 2009
First State Bank of Winchester    Winchester    IL    11710    July 2, 2009    July 2, 2009

Georgia, South Dakota banks bring failures to 55 in '09
Peach State sees tenth failure of 2009, South Dakota sees first since 1992

By John Letzing, MarketWatch

SAN FRANCISCO (MarketWatch) -- Winder, Ga.-based First Piedmont Bank and Sioux Falls, S.D.-based BankFirst were closed by regulators Friday, bringing the number of U.S. bank failures in 2009 to 55 as the credit crisis continues to claim victims.

First Piedmont Bank the 10th to fail in Georgia this year. Athens, Ga.-based First American Bank and Trust Company has agreed to assume the failed bank's deposits, according to the Federal Deposit Insurance Corp.

First Piedmont had $115 million in assets and $109 million in deposits as of July 6, the FDIC said. Its failure should cost the deposit insurance fund $29 million.

BankFirst is the first South Dakota-based bank to fail since 1992, according to the FDIC.

Grand Forks, N.D.-based Alerus Financial, National Association has agreed to assume the failed bank's deposits.

BankFirst had $275 million in assets and $254 million in deposits as of April 30, the FDIC said.

The bank's failure will cost the deposit insurance fund $91 million.
http://www.marketwatch.com/story/story/print?guid=0879329B-ED78-4096-A895-6777D435A47B

7 today

whats up with GA? :cow:

5 more today :cow:
---------------


WASHINGTON (AP) -- Regulators have shut down Colonial BancGroup
Inc., a big lender in real estate development that buckled under
the collapse of the market. It was the biggest U.S. bank to fail
this year, with about $25 billion in assets.
The Federal Deposit Insurance Corp. was appointed receiver of
Montgomery, Ala.-based Colonial. The agency approved the sale of
Colonial's $20 billion in deposits and about $22 billion of its
assets to BB&T Corp. The failed bank's 346 branches in Alabama,
Florida, Georgia, Nevada and Texas will reopen at the normal times
starting on Saturday as offices of BB&T, the FDIC said.
The failure of Colonial is expected to cost the deposit
insurance fund an estimated $2.8 billion.


and a big one :cow:

5 more this week before the labor day holiday.

7 more bank failures friday.

we are up over 100 :cow:

U.S. authorities seized nine failed banks on Friday, the most in a single day since the financial crisis began and the latest stark sign that substantial parts of the nation's banking industry are being crippled by bad loans.

The move brought the total number of failed banks in 2009 to 115 -- their highest annual level since 1992 -- with analysts expecting more to come. Among the lenders seized Friday was Los Angeles-based California National Bank, in what was the fourth-largest U.S. bank failure this year.

http://www.reuters.com/article/topNews/idUSTRE59U05420091031?feedType=RSS&feedName=topNews

United Commercial Bank of San Francisco, whose parent company was UCBH Holdings Inc. /quotes/comstock/15*!ucbh/quotes/nls/ucbh  (UCBH  0.84, -0.02, -2.33%) , was shut down by federal banking regulators late Friday, along with four other banks. The shutdown of the five banks brings the number of bank failures for 2009 to 120.

The 63 U.S. branches of United Commercial were set to reopen Saturday under the ownership of Pasadena, Calif.-based East West Bancorp Inc. /quotes/comstock/15*!ewbc/quotes/nls/ewbc (EWBC 8.65, +0.27, +3.22%) . United Commercial, which specialized in serving the Chinese community throughout the U.S. and American companies doing business in China, had assets of $11.2 billion and deposits of $7.5 billion as of Oct. 23.

The seizure of the bank by regulators comes after it had already received $299 million in federal financial aid last year. Its closure will cost the insurance deposit fund $1.4 billion, said the Federal Deposit Insurance Corp.

The company had a banking license in China, a branch in Hong Kong and a subsidiary in Shanghai, and those will be assumed by East West Bancorp. The Hong Kong Monetary Authority said deposits at UCB Hong Kong will be fully covered, according a report on Saturday by the Xinhua news agency.

http://www.marketwatch.com/story/five-bank-closures-to-cost-fdic-fund-15-bln-2009-11-07?siteid=rss&rss=1

Regulators on Friday shut down six U.S. banks, taking the total number of bank closures in the year to 130. The banks closed on Friday include AmTrust Bank in Ohio, which is the fourth-largest bank to fail this year.

The Federal Deposit Insurance Corporation, or FDIC, said it took over AmTrust Bank, based in Cleveland, with about $12 billion in assets and approximately $8 billion in deposits.

The family-owned AmTrust had been in trouble for more than a year following its aggressive foray into mortgage and construction lending. The bank's failure is expected to cost the federal deposit insurance fund about $2 billion.

http://www.rttnews.com/ArticleView.aspx?Id=1148577