WASHINGTON (Reuters) - California bank regulators closed United Commercial Bank, of San Francisco, on Friday, the 120th U.S. bank to fail this year.
United Commercial Bank has a branch in Hong Kong and a subsidiary in Shanghai. The Federal Deposit Insurance Corp said United Commercial Bank had $11.2 billion in assets and $7.5 billion in deposits.
East West Bank, of Pasadena, California, agreed to assume all deposits of United Commercial Bank. The 63 U.S. branches of United Commercial Bank will re-open as branches of East West Bank. UCB-China, of Shanghai, will continue operations without interruption. East West has passed a preliminary review by Chinese banking authorities, said the Federal Deposit Insurance Corp.
Reporting by Charles Abbott; editing by Carol Bishopric
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