California-based Innovative Bank has become the 48th US financial institution to fail this year. It had $268.9m (£175m) in assets, and $225.2m in deposits at the end of 2009. The Federal Deposit Insurance Corp (FIDC) estimates that the collapse will cost the deposit insurance fund $37.8m. Innovative was founded in 1982 as the Bank of Oakland. It was acquired by a group of Korean-American investors in 2005. It is the third California-based bank to fail this year.