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.
U.S. Bancorp Takes Over 9 Banks Seized by Regulators (Update1) - Bloomberg.com: "U.S. Bancorp, the Minneapolis-based lender expanding amid the financial crisis, agreed to acquire nine failed banks owned by closely held FBOP Corp. and seized by regulators yesterday.
The nine banks will cost the Federal Deposit Insurance Corp. a combined $2.5 billion, the agency said. So far this year, 115 banks have failed, sending the insurance fund into a deficit in September and prompting the agency to propose that banks prepay three years of premiums to raise $45 billion."
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