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Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in assets and $7.5 billion in deposits. East West Bancorp Inc., parent company of East West Bank based in Pasadena, Calif., is buying all of the deposits and most of the failed bank's assets.
Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Previously she was the Chief Investment Officer for an independent investment advisory firm and is a former options trader on the Commodities Exchange of New York.
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