(Oak Park, IL)  --  The weekend saw the nation's second-largest bank failure so far this year.

   The FDIC seized massive FBOP Corp., with 19-point-four-billion dollars in assets and more than $15-billion in deposits.
   Friday's takeover was also the state of Illinois' largest bank collapse of 2009.

   Oak Park-based FBOP was a bank holding company with nine bank chains around the country.

   Chicagoland customers of Park National Bank woke up Saturday to find their accounts were owned by Minneapolis-based U.S. Bank, which bought all nine FBOP properties, including 153 branch offices.

   The largest of the collapsed banks was Los Angeles-based California National Bank, with nearly eight-billion dollars in assets.

   Michael Kelly, 64, was FBOP's sole owner and had built the company from scratch.

   FBOP's takeover brings the number of failed banks in the U.S. up to 115 for the year.

   The largest to date was the August 14th seizure of Colonial Bank in Montgomery, Alabama, with assets of $25-billion.



   (Copyright 2009 by VERTEXNews/Newsroom Solutions)