Five more banks fail - 120 for the year

By Julianne Pepitone, CNNMoney.com staff reporter

Last Updated: November 6, 2009: 10:43 PM ET

NEW YORK (CNNMoney.com) — Five banks failed late Friday, bringing the 2009 tally to 120.

The biggest to fall was United Commercial Bank of San Francisco, which had 63 U.S. branches as well as operations in Hong Kong and Shanghai. The bank held deposits totaling $7.5 billion.

East West Bank of Pasadena, Calif., agreed to assume all of United Commercial’s domestic branches, as well as its international subsidiaries.

United Security Bank of Sparta, Ga., closed its doors for the last time on Friday. Moultrie, Ga.-based Ameris Bank will assume control of all United Security’s deposits.

Home Federal Savings Bank of Detroit also failed late friday. New Orleans-based Liberty Bank and Trust Co. will assume control of its deposits.

Prosperan Bank of Oakdale, Minn., failed and will be taken over by Grand Forks, N.D.-based Alerus Financial.

Gateway Bank of St. Louis, Mo., also failed. Central Bank of Kansas City will take over its deposits.

Customers of the failed banks are protected, however. The FDIC., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.

Customers can access their money over the weekend by writing checks or using ATMs or debit cards. Checks will continue to be processed, and borrowers should make mortgage and loan payments as usual.

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