REGULATORS have shut down San Joaquin Bank in California, marking the 99th failure this year of a federally insured bank.<br /><br />The Federal Deposit Insurance Corporation (FDIC) was appointed receiver of San Joaquin Bank, based in Bakersfield, California. It had $775m (£474m) in assets and $631m in deposits as of September 29.<br /><br />The FDIC said the bank’s deposits will be assumed by Citizens Business Bank, based in Ontario, California. Its five branches will reopen today as branches of Citizens Business Bank.<br /><br />San Joaquin Bank’s failure is expected to cost the FDIC’s insurance fund $103m.<br /><br />Depositors’ money is not in danger. The FDIC is backed by the government, and deposits are guaranteed up to $250,000 per account. The FDIC board recently proposed to have US banks prepay about $45bn of their insurance premiums — three years’ worth.