Sunday, November 23, 2008

U.S. Bank Acquires Two Southern California Institutions

U.S. Bank Acquires All the Deposits of Two Southern California Institutions
Downey Savings & Loan Association, Newport Beach and PFF Bank & Trust, Pomona

U.S. Bank, National Association, Minneapolis, MN, acquired the banking operations, including all the deposits, of Downey Savings and Loan Association, F.A., Newport Beach, CA, and PFF Bank & Trust, Pomona, CA, in a transaction facilitated by the Federal Deposit Insurance Corporation.

The combined 213 branches of the two organizations will reopen as branches of U.S. Bank under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of U.S. Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers of both banks should continue to use their existing branches until U.S. Bank can fully integrate the deposit records of the organizations. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards

I read this news at FDIC website where they have releases news on 21st Nov. 2008.

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