WASHINGTON (AP) — Regulators have shut down Imperial Capital Bank in La Jolla, Calif., bringing to 138 the number of U.S. banks brought down this year by the weak economy and mounting loan defaults.
The Federal Deposit Insurance Corp. has been appointed receiver of Imperial Capital, which has about $4 billion in total assets and $2.8 billion in deposits.
Los Angeles-based City National Bank has agreed to acquire all of the deposits of Imperial Capital, as well as $3.3 billion of the failed bank's assets.
Earlier Friday, regulators shut down banks in Alabama, Florida, Georgia, Michigan and Illinois.
