At least it was only one bank this Friday. As many as 300 banks will fail this year.-Lou
California's Alliance Bank marks eighth failure of the year
SAN FRANCISCO (MarketWatch) -- Culver City, Calif.-based Alliance Bank was closed by regulators Friday, marking the eighth bank failure of the year amid the ongoing credit crisis, the Federal Deposit Insurance Corporation said. San Diego-based California Bank & Trust has agreed to assume the failed bank's deposits, the FDIC said. Alliance Bank had $1.14 billion in assets and $951 million in total deposits as of Dec. 31, the FDIC said
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