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Bank closures hit 17-year high as US regulator shuts down another nine

REGULATORS closed nine more American banks, all owned by the same holding company, on Friday.<br /><br />A month ago the banks had combined assets of $19.4bn (&pound;11.7bn) and deposits of $15.4bn, says the Federal Deposit Insurance Corporation (FDIC). <br /><br />The banks were all subsidiaries of FBOP, a holding company based in a suburb of Chicago.<br /><br />There have now been 115 closures in the US this year, the first time since 1992 that more than 100 banks have gone under.<br /><br />The banks which closed were Bank USA, Phoenix; California National Bank, Los Angeles; San Diego National Bank, San Diego; Pacific National Bank, San Francisco; Park National Bank, Chicago; Community Bank of Lemont, Lemont, Illinois; North Houston Bank, Houston; Madisonville State Bank, Madisonville, Texas; and Citizens National Bank, Teague, Texas.<br /><br />FDIC says the US Bank of Minneapolis will assume the banks&rsquo; deposits.