UCBH Holdings Inc. in San Francisco, among the initial group of banking companies approved for an infusion under the Capital Purchase Program last November, is the first of the government's investments to be wiped out by a bank failure.

The seizure of its $13 billion-asset United Commercial Bank on Friday suggests that even institutions the Treasury Department had the most confidence in a year ago are not all going to be winners in this down cycle — or, for that matter, survivors.

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