WASHINGTON — San Joaquin Bank in Bakersfield, Calif., became the industry's 99th failed institution of the year late Friday.
The Federal Deposit Insurance Corp. said the $775 million-asset bank's branches will reopen Monday as part of Citizens Business Bank in Ontario.
The acquirer, which did not pay a premium, agreed to assume all $631 million of San Joaquin's deposits, as well as take over virtually all of its assets. Citizens Business and the FDIC agreed to a loss-sharing agreement for $683 million of those assets.
The failure was estimated to cost the FDIC $103 million.