08-28-2009
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Market Watch
Three more banks were closed by regulators Friday, bringing the 2009 toll to 84.
The largest of Friday's three closures announced by the Federal Deposit Insurance Corp. was Affinity Bank, based in Ventura, Calif.
Affinity, which had total assets of $1 billion, deposits of $922 million and 10 branches in Northern and Southern California as of July 10, will be taken over by San Diego-based Pacific Western Bank, the FDIC announced.
The FDIC said former Affinity branch offices in San Francisco and San Mateo will be-open Saturday and the rest will re-open on Sunday.
The FDIC said it and Pacific Western entered into a loss-share transaction of approximately $934 million of Affinity Bank's assets.
The federal agency estimated the cost to the Deposit Insurance Fund at $254 million.
Earlier Friday, regulars closed Baltimore-based Bradford Bank and Forest Lake, Minn.-based Mainstreet Bank.
Bradford Bank, the second bank to fail in Maryland this year, had $452 million Read Full Story
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