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and make sure it's still there. :scared:
Regulators shut down three banksBy John Letzing, MarketWatch
SAN FRANCISCO (MarketWatch) -- In the biggest number of bank seizures yet on a single day, the Federal Deposit Insurance Corp. and state regulators have shut down two banks in Southern California and one in Georgia.
The FDIC said late Friday that U.S. Bank, based in Minneapolis, has acquired the banking operations, including all the deposits, of Downey Savings and Loan Association, F.A., Newport Beach, Calif., and PFF Bank & Trust, Pomona, Calif.
The combined 213 branches of the two organizations will reopen as branches of U.S. Bank.
As of Sept. 30, Downey Savings had total assets of $12.8 billion and total deposits of $9.7 billion. PFF Bank had total assets of $3.7 billion and total deposits of $2.4 billion, according to the FDIC.
In addition to assuming all the deposits from the two California banks, U.S. Bank will purchase virtually all their assets. The FDIC will retain any remaining assets for later disposition.
The FDIC and U.S. Bank entered into a loss share transaction. U.S. Bank will assume the first $1.6 billion of losses on the asset pools covered under the loss share agreement, equal to the net asset position at close. The FDIC will then share in any further losses. Under the agreement, U.S. Bank will implement a loan modification program similar to the one the FDIC announced in August stemming from the failure of IndyMac Bank, F.S.B. of Pasadena, Calif. .......(more)
The complete piece is at:
http://www.marketwatch.com/news/story/FDIC-state-regulators-shutter-three/story.aspx?guid=%7BDC1245EA%2D2973%2D45EC%2DB090%2D99579F04D9B5%7D 
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