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Banks Continue To Fall
NEW YORK (AP) -- Regulators shut nine banks Saturday, including Los Angeles-based California National, as the still-weak economy produces a stream of loan defaults.

The banks were units of privately held FBOP Corp., a bank holding company based in the Chicago suburb of Oak Park. One of them was the Park National Bank of Chicago.

The Federal Deposit Insurance Corporation said U.S. Bank in Minneapolis agreed to assume the deposits and most of the assets of the banks.

The banks are mostly in the West and had combined assets of $19.4 billion at the end of September.

The closings boost the number of failed U.S. banks this year to 115.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
10 30 09 by Newsroom
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