WASHINGTON -- Two failed banks and a thrift in California were sold off to rivals last week.

Newport Beach's CommerceBank failed Friday after bleeding capital for a year and a half. The Federal Deposit Insurance Corp. sold the $157 million-asset bank to California State Bank for a premium of $380,000. Covina-based California State Bank will buy $82.5 million of the failed bank's assets, the FDIC said.

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