US regulators seize more banks
07-02-2009
Regulators have closed banks in two US states, bringing the number of bank failures in the country to eight this year. In California, the Federal Deposit Insurance Corporation said it had taken Alliance Bank into receivership and entered into an agreement with California Bank and Trust to assume all deposits. Meanwhile in Georgia, regulators said that Firstbank Financial Services had also failed. Last year, 25 American banks were seized by officials - up from only three in 2007 - as the global financial crisis took hold.
