Over a year after being hit hard by the takeover of Fannie Mae and Freddie Mac, FBOP Corp.'s nine banks totaling $19 billion in assets were closed by the government Friday night. 

The Federal Deposit Insurance Corp. announced a complex deal with Minneapolis-based US Bancorp, which will take over the operations of all nine institutions of the Oak Park, Ill., company starting on Saturday. U.S. Bank, the acquirer's largest subsidiary, will assume all of FBOP's $15 billion in deposits and acquire about $18 billion of its assets. However, the government is far from done bearing the cost of FBOP's demise as the FDIC agreed to share losses U.S. on $14 billion of those assets.

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