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U.S. Bank of Minneapolis Takes Over Failed Banks

WASHINGTON (CN) - The U.S. Bank of Minneapolis, Minnesota, a subsidiary of U.S. Bancorp, will take over nine failed regional banks, the Federal Deposit Insurance Corp. said. The banks have combined assets of $19.4 billion and deposits of $15.4 billion.

The failed banks are Bank USA, National Association, Phoenix, Arizona; California National Bank, Los Angeles, California; San Diego National Bank, San Diego, California; Pacific National Bank, San Francisco, California; Park National Bank, Chicago, Illinois; Community Bank of Lemont, Lemont, Illinois; North Houston Bank, Houston, Texas; Madisonville State Bank, Madisonville, Texas; and Citizens National Bank, Teague, Texas.

The nine banks had 153 offices, which reopened as branches of U.S. Bank and depositors of the nine banks will automatically become depositors of U.S. Bank. The failure of the nine banks brings the nation's total number this year to 115.

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