By Meena Kar
Los Angeles, Calif., Oct.31, (THAINDIAN NEWS) California National Bank’s name gets added to the list of banks that has been closed due to the recent economic recession being faced worldwide. According to sources, this was the fourth largest bank closures of the year 2009. Depositors will not have to bear any kind of loss as the bank U.S. Bancorp’s unit has acquired the bank immediately after it declared the closure. Sources stated that the bank branches located in Orange county and Los Angeles are expected to open [as U.S. Bank branches] from Saturday or Monday.

It has been stated that this year there were more than hundred bank closures in the country. Reports stated that on Friday, nine of the banks which were owned by FBOP Corp, were acquired by the U.S. Bancorp. San Francisco Pacific National Bank and San Diego National Bank were among the banks that have been acquired by the U.S. Bank. San Francisco Pacific National Bank had seventeen offices, while San Diego National Bank had 28 branches.

Michael Kelly, the owner of the FBOP stated that he regretted the problems that bank employees will have to face after the banks had declared closure. In his statement, he said,”I am so proud of organizations that you helped grow, and I will always be grateful for the work that you have done. I apologize that this is the end result.” Sources stated that California National Bank had 6.2 billion dollars in the form of deposits and 7.8 billion dollars in form of assets. Depositors have been saved from facing huge losses as the U.S. Bank acquired all banks that has closed.