Regulators close United Commercial Bank, San Francisco
WASHINGTON, Nov 6 (Reuters) - California bank regulators closed United Commercial Bank, of San Francisco, on Friday, the 120th U.S. bank to fail this year.
United Commercial Bank has a branch in Hong Kong and a subsidiary in Shanghai. The Federal Deposit Insurance Corp said United Commercial Bank had $11.2 billion in assets and $7.5 billion in deposits.
East West Bank, of Pasadena, California, agreed to assume all deposits of United Commercial Bank. The 63 U.S. branches of United Commercial Bank will re-open as branches of East West Bank. UCB-China, of Shanghai, will continue operations without interruption. East West has passed a preliminary review by Chinese banking authorities, said the Federal Deposit Insurance Corp. (Reporting by Charles Abbott; editing by Carol Bishopric)
© Thomson Reuters 2009 All rights reserved
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage
GLOBAL RECOVERY
Global economy in holding pattern - IMF
The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months. Full Article
India
US
UK
