Five more banks fail – 120 for the year

By doris | Published: November 7, 2009

Full Story atmoney.cnn.com

NEW YORK (CNNMoney.com) — Five banks failed late Friday, bringing the 2009 tally to 120.

The biggest to fall was United Commercial Bank of San Francisco, which had 63 U.S. branches as well as operations in Hong Kong and Shanghai. The bank held deposits totaling $7.5 billion.

East West Bank of Pasadena, Calif., agreed to assume all of United Commercial’s domestic branches, as well as its international subsidiaries.

United Security Bank of Sparta, Ga., closed its doors for the last time on Friday. Moultrie, Ga.-based Ameris Bank will assume control of all United Security’s deposits.

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  1. By » Biz.Peanutbutternews.Com » Five More Banks Fail – 120 For the Year nilesswritingsite on November 9, 2009 at 9:40 am

    [...] The biggest to fall was United Commercial Bank of San Francisco, which had 63 U.S. branches as well as operations in Hong Kong and Shanghai. The bank held deposits totaling $7.5 billion. East West Bank of Pasadena, Calif., …Continue Reading… [...]

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