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FDIC’s Move Creates 12 More U.S. Bank Locations

U.S. Bank, with 49 offices in San Diego County, gained 12 new ones here after it acquired the deposits of two savings banks , Downey Savings & Loan and PFF Bank & Trust , following the takeover of the lenders by the Federal Deposit Insurance Corp. on Nov. 21.

U.S. Bank, headquartered in Minneapolis, obtained about $16.5 billion in assets, and assumed $14.8 billion in liabilities from the two banks. The 12 offices belonged to Downey. PFF had no local offices.

Both Downey Savings, based in Newport Beach, and PFF Bank, based in Rancho Cucamonga, were big lenders of subprime mortgages and other higher risk construction loans that went sour as the economy worsened this year.

In all, U.S. Bank assumed control of 175 Downey branches. Five California branches were not absorbed. U.S. Bank also took over 38 offices of PFF Bank & Trust, all in Southern California.

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With the addition of the 12 Downey branches, U.S. Bank will have 61 offices in the county. U.S. Bancorp, the parent firm, has about $247 billion in assets, making it the sixth largest commercial bank in the nation.

, Mike Allen

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