U.S. Bank Picks Up Another Nine Banks

Nov. 1.09 | About: U.S. Bancorp (USB)

The FDIC closed 9 banks late last night, with a combined $19.4 billion of assets all of which were owned by one holding company and sold to US Bank in Minnesota. From Robin Sidel, WSJ:

Banking regulators seized nine related community lenders in California, Illinois, Arizona and Texas, representing the collapse of one of the nation’s largest privately held bank holding companies that grew through a string of acquisitions dating back to the savings-and-loan crisis of the 1990s.

The nine small banks represented the holdings of FBOP Corp., based in Oak Park, Ill., and owned by a banker who had plowed into real-estate lending around the country.


  • Failed banks: Bank USA, Phoenix AZ; California National Bank, LA CA; San Diego National Bank, SD CA; Pacific National Bank, SF CA; Park National Bank, Chicago IL; Community Bank of Lemont, Lemont IL; North Houston Bank, Houston TX; Madisonville State Bank, Madisonville TX; Citizens National Bank, Teague TX.
  • Acquiring bank: US Bank (NYSE:USB), Minneapolis MN
  • Vitals: as of 9/30, $19.4 billion of assets, $15.4 billion of deposits
  • DIF damage: $2.5 billion

US Bank has been highly acquisitive during this failure cycle. They also picked up Downey Savings and Loan and PFF Bank and Trust last November. Those two had $12.4 billion and $3.7 billion of assets when they failed.