The FDIC said Friday evening that U.S. Bank (USB - 22.53, +0.41, +1.9%) , located in Minneapolis, has acquired the banking operations of Downey Savings and Loan Association, F.A., Newport Beach, Calif., and PFF Bank & Trust, Pomona, Calif.
Downey Savings currently has assets totaling $12.8 billion and total deposits of $9.7 billion. PFF Bank has assets of $3.7 billion and $2.4 billion in total deposits, according to the FDIC.
The 213 branches of Downey Savings and Loan and PFF Bank & Trust will reopen as branches of U.S. Bank.
Downey Savings and PFF are the 21st and 22nd banks to fail in the U.S. this year alone.
In addition Downey Savings and PFF Bank closures, the FDIC and Georgia regulators announced the seizure of Loganville, Ga.-based The Community Bank on Friday. It was the 20th bank failure this year amid the ongoing financial crisis.
The Community Bank's branches will reopen Monday as Bank of Essex, as deposits have been already transferred.
The Community Bank had total assets of $681 million and total deposits of $611.4 million as of Oct. 17.
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