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Business Briefing

Banking

Regulators shut San Joaquin Bank

October 17, 2009|Times Wire Reports

Regulators shut San Joaquin Bank in Bakersfield, marking the 99th failure in the country this year of a federally insured institution.

The bank's five branches -- four in Bakersfield and one in nearby Delano -- will reopen Monday as branches of Ontario-based Citizens Business Bank, which is also assuming the failed bank's deposits, under a deal with the Federal Deposit Insurance Corp.

With San Joaquin Bank's branches, Citizens, a unit of CVB Financial Corp., will have almost 50 locations, most of them in Los Angeles County.

San Joaquin had $775 million in assets and $631 million in deposits as of Sept. 29, the FDIC said. Its failure is expected to cost the federal deposit insurance fund $103 million. No depositors will lose money, the agency said.

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