U.S. Bank takes over 9 failed financial institutions

Regulators have shut down nine banks, including California National Bank.

The move Friday brings the number of failed U.S. banks this year to 115 as the still-weak economy produces a stream of loan defaults.

The banks are mostly in the West and had combined assets of $19.4 billion at the end of September.

The Federal Deposit Insurance Corporation says U.S. Bank in Minneapolis agreed to assume the deposits and most of the assets of the banks.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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