San Francisco-based United Commercial Closed
November 18th, 2009 Categories: Default News
Last week, California bank regulators and FDIC closed a San Francisco Bank; United Commercial… it was the 120th bank to fold this year!
United Commercial Bank had $11.2 billion in assets and $7.5 billion in deposits. It has branches and subsidiarys in both Hong Kong and Shanghai.
East West Bank of Pasadena California agreed to takeover all deposits and will re-open branches as their own.
Two weeks ago the FDIC closed the 14-branch Pacific National Bank and reopened it the next day under the ownership of US Bank
The Federal Deposit Insurance Corp. has actually taken over/closed/transferred two San Francisco banks recently and federal regulators have four more Bay Area banks they are watching closely, as the region loses what had been its relative immunity from an epidemic of failures
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