County Bank Collapse

February 7, 2009 12:00:00 AM PST
The Merced-based bank is one of three the federal government shut down yesterday.It's now shut down nine already this year three times as many as in all of 2007. Along with County Bank, the FDIC also closed Firstbank Financial Services in Georgia, and Alliance Bank, from Southern California.

County Bank had about $1.7-billion dollars in assets, and $1.3-billion dollars in deposits from customers. The government handed it over to Westamerica for now and it looked like business as usual today.

With this takeover, it's unclear what will happen to a unique central fresno bank -- operated by high school students. Action News was there back in September of 2007 when County Bank opened a branch location at Mclane High School. It's called the "Highlander" branch, and at the time, it was the only student-run bank west of the Mississippi.

It will be up to Westamerica to decide whether to keep the bank going.

If you have questions as a County Bank customer you can call the FDIC to get more information at 1-800-591-2820.

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