On Friday 6th, US regulator closes two more banks in Georgia and California. This brings the total of eight US bank failures in this year.

“It became a receiver of Culver City, California-based Alliance Bank and entered into an agreement with California Bank & Trust of San Diego to assume all the deposits.” said the Federal Deposit Insurance Corporation.

The California Department of Financial closed Alliance Bank, which has five offices. The bank had $1.14 billion in assets and $951 million in deposits. However, FDIC estimated the cost to the Deposit Insurance Fund will be $206 million. Regulators said on Friday that FirstBank Financial Services Inc also failed. Regulators said that FirstBank Financial Services had assets of about $337 million and $279 million in deposits at the end of 2008. The estimated cost to the Deposit Insurance Fund will be $111 million.

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