Regulators closed FirstBank Financial Services, Alliance Bank of Culver City and County Bank of Merced on Friday, bringing the total number of 2009 bank and thrift failures to nine. There were 25 failures during 2008.
Not surprisingly, states at the center of the residential housing boom have produced the greatest number of failing institutions. Out of 34 bank and thrift failures since the beginning of 2008, eight were in California, six in Georgia and three in Florida.
Federal Deposit Insurance Corp. spokesman David Barr said the agency's estimated cumulative losses to its deposit insurance fund from bank and thrift failures during 2008 was $15.6 billion, which included $8.9 billion from the failure of IndyMac Bank in July. While a year-end figure was not yet available, the FDIC's deposit insurance fund totaled $34.6 billion as of Sept. 30. ...
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