Regulators close San Joaquin Bank, raising the national tally to 99 for the year. The closure will cost the FDIC $103 million.
The nation's bank casualties tallied 99 Friday night when state regulators closed San Joaquin Bank, based in Bakersfield, California. This was the tenth bank to fail in that state.
Customers of San Joaquin Bank are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.
The Citizens Business Bank in Ontario, California, will assume all of San Joaquin Bank's $631 million deposits, according to the FDIC. Citizens also entered into a loss-share agreement with the FDIC on $683 million of San Joaquin Bank's $775 million in assets.
The five branches of San Joaquin Bank will reopen on Monday as branches of Citizens Business Bank.
http://money.cnn.com/2009/10/16/news...ion=2009101622
These bank failures can reach the century mark anytime. Since the economy is not improving, and the U.S. dollar depreciating, what else can we expect. Many banks will get bankrupt if the government will not do something about it fast.
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