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Banks Fail in Georgia, California

Stock quotes in this article: ZION , RF , WABC  

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 Quote)) 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 Quote)) to assume all of Alliance's deposits. ...

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