The US regulators on Friday closed San Joaquin Bank in California, pushing the national tally of federally-insured failed banks to 99 so far this year.
The Federal Deposit Insurance Corp. was appointed the receiver of the failed bank.
Bakersfield-based San Joaquin Bank possesses around $775 million in assets plus $631 million in deposits as of September 29.
San Joaquin Bank’s deposits will be assumed by the California-based Citizens Business Bank.
Five branches of the failed bank will open again on Monday as the branches of Citizens Business Bank.
Bank’s failure will cost the FDIC around $103 million.
Ninety-nine bank failures this year have dragged FDIC's insurance fund down to $10.4 billion as compared with $45 billion last year.
Washington Mutual with assets worth $307 billion, which collapsed in September 2008, was the largest failure since recent recession.
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