California bank becomes 99th to fail in U.S. in 2009

California regulators on Friday closed the San Joaquin Bank of Bakersfield, which became the 99th U.S. bank to fail in 2009.


The Federal Deposit Insurance Corp. said Citizens Business Bank of Ontario, Calif., will buy almost all the assets of the failed bank and assume all the deposits.

As of Sept. 29, San Joaquin Bank assets of $775 million and deposits of $631 million, the FDIC said.
The cost to the Deposit Insurance Fund will be $103 million, the FDIC estimated.

San Joaquin Bank was the 10th in California to fail this year. Before Friday, the most recent failure in the state was Affinity Bank of Ventura on Aug. 28.

- Via Market Watch