Regulators announced Friday that three more U.S. banks have failed, bringing the total for 2009 to nine.
State regulators closed FirstBank Financial Services of McDonough, Ga. and appointed the Federal Deposit Insurance Corporation receiver. The FDIC struck a deal with Regions Bank of Birmingham, Ala. (held by Regions Financial Corp. (RF - Get Report)) in which Regions will assume all of the failed institution's deposits.
Meanwhile, The California Department of Financial Institutions shuttered Alliance Bank of Culver City, Calif. The FDIC (as usual) was named receiver and arranged for California Bank & Trust of San Diego (a subsidiary of Zions Bancorporation (ZION - Get Report)) to assume all of Alliance's deposits.
California regulators also closed County Bank of Merced, Calif., with the FDIC arranging for Westamerica Bank of San Rafael, Calif. (held by Westamerica Bancorporation (WABC - Get Report)), to take over all deposits.Please see TheStreet.com's Bank Failure Roundup for a summary of previous bank and savings and loan failures during 2008 and 2009.