Size of Bank Failures Smaller, But Pace Remains Strong - Financials * US * News * Story - CNBC.com: "One more U.S. bank was shuttered on Friday, as the tally of failures so far this year inched closer to 100.
The pace of bank failures has picked up sharply this year as the industry continues to work through bad loans that were made during the credit boom.
On Friday regulators closed San Joaquin Bank of Bakersfield, California. It was the 99th U.S. bank failure of 2009.
The Federal Deposit Insurance Corp, which was named receiver, said San Joaquin had $775 million in assets and $631 million in deposits.
Citizens Business Bank of Ontario, Calif., agreed to assume all deposits of San Joaquin, whose five branches will reopen on Monday as branches of Citizens Business Bank."
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