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News Link • Economy - Economics USA

Bank Failure Friday: 8 Banks Fall - The FDIC is $20.7 Billion in The Red

• CalculatedRiskBlog.com
 
From the FDIC: Rabobank, National Association, El Centro, California, Acquires All the Deposits of Two Banks in California As of June 30, 2010, Butte Community Bank had total assets of $498.8 million and total deposits of $471.3 million; and Pacific State Bank had total assets of $312.1 million and total deposits of $278.8 million. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Butte Community Bank will be $17.4 million; and for Pacific State Bank, $32.6 million. ... These closings bring the total for the year to 116 banks in the nation, and the seventh and eighth in California. From the FDIC: Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Los Padres Bank, Solvang, California As of June 30, 2010, Los Padres Bank had approximately $870.4 million in total assets and $770.7 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.7 million. ... Los Padres Bank is the 117th FDIC-insured institution to fail in the nation this year, and the eighth in California. From the FDIC: Westamerica Bank, San Rafael, California, Assumes All of the Deposits of Sonoma Valley Bank, Sonoma, California As of June 30, 2010, Sonoma Valley Bank had approximately $337.1 million in total assets and $255.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.1 million. ... Sonoma Valley Bank is the 118th FDIC-insured institution to fail in the nation this year, and the ninth in California.

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