Fed Close Banks in California, Minnesota,Michigan, Georgia and Missouri

Another week another round of bank closings. This weeks of parade of Bank closures includes United California Bank based in San Francisco this largest to closes this week and the largest for the month November so far.

United California served largely Asian American community in California, New York, Georgia. UCB was also an international bank with branches in The People’s Republic of  China, Hong Kong and Taiwan. UCB had $11 billion in assets and $7.5 billion in deposits. Pasadena based East West Bancorp. Inc is the new owner.

United Security Bank  a very small bank in middle Georgia and it’s Atlanta area subsidiary Bank of Woodstock were closed by Georgia authorities. They were promptly sold to Ameris Bank.

Home Federal Savings Bank of Detroit was sold to Liberty Bank  of New Orleans. Home Federal was Detroit oldest Black owned bank. Home had two branches both will become branches  of Liberty.

Prosperan Bank of Oakdale,MN was closed by FDIC  quickly sold to Alerus Financial of Grand Fork, ND. Prosperan has three bank branches in Minneapolis-St. Paul suburbs all will be Alerus  Financial branches. The Oakdale and Maplewood branches re-opened today while Minnetonka re-opens on Monday.

Gateway Bank in St. Louis  was  closed by the Missouri Division Finance on Friday. Gateway’s lone branch will become a branch of Kansas City based Central Bank. Gateway Bank has $27.7 of assets and $27.9 deposits.

This brings numbers of bank closing to 120.

Yahoo Finance

Minneapolis Star-Tribune

Comcast.net Finance



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