Posted on 11/21/2008 6:31:22 PM PST by rabscuttle385
On November 21, 2008, the banking operations of Downey Savings and Loan Association, F.A. - Newport Beach, CA was sold in a transaction facilitated by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC).
(Excerpt) Read more at fdic.gov ...
This has been a long time coming — I’m surprised it didn’t happen sooner.
I was curious as to who bought them.
http://www.fdic.gov/news/news/press/2008/pr08124.html
U.S. Bank, National Association, Minneapolis, MN, acquired the banking operations, including all the deposits, of Downey Savings and Loan Association, F.A., Newport Beach, CA, and PFF Bank & Trust, Pomona, CA, in a transaction facilitated by the Federal Deposit Insurance Corporation.
The combined 213 branches of the two organizations will reopen as branches of U.S. Bank under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of U.S. Bank.
Why don’t they fire the management, then give one of these banks some of the bailout money, and have them start lending while they are under FDIC control? At least it will go around all of the banks that are using the bailout money for aquisitions.
Hey! US Bank is one of my banks!!!
It just got bigger! ;-)
That one looks a little different than some of the other deals.
..I hope they keep the Downey branches open—I’m not too fond of phone booth sized branches inside of markets...
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