Until the third week in August 2009, the banking authority of the United States (U.S.) has closed 84 banks in trouble due to financial crisis.
Affinity Bank of Ventura in California Friday, August 28 became the 84th bank closed by U.S. banking authorities following the failure of banking functions.
According to The Federal Deposit Insurance Corporation (FDIC), affinity, which only has 10 branches, has assets of $1 billion and USD922 million others in the form of fixed-deposits.
The fixed-deposits will be taken over by Pacific Western Bank of San Diego. "Former Affinity branches in San Francisco and San Mateo as well as several other branches will be opened again on Monday next week operated by Pacific Western Bank," FDIC said.
FDIC estimates, the budget issued due to Affinity Bank bankruptcy could reach USD254 million. In addition to Affinity Bank, other banks in the U.S. that were closed at the same time is Bradford Bank in Maryland and Mainstreet Bank in Minnesota.
