On November 1, 2009
FBOP Shuttered, as U.S. Bancorp Swoops in
Time finally ran out on FBOP. The FDIC on Friday seized the $18.2 billion banking company, whose nine subsidiary banks will be absorbed by U.S. Bancorp (USB). The nine shuttered banks are Bank USA of Phoenix; California National Bank of Los Angeles; San Diego National Bank of San Diego; Pacific National Bank of San Francisco; Park National Bank of Chicago; Community Bank of Lemont, Ill.; North Houston Bank of Houston; Madisonville State Bank of Madisonville, Texas; and Citizens National Bank of Teague, Texas. The banks had combined assets of $19.4 billion. Under its so-called loss-sharing arrangement with U.S Bancorp, the FDIC will pay $2.5 billion from its deposit insurance fund to cover the cost of closing FBOP. The closures bring…
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