US Bank Makes Shrewd TARP Capital Play in California

November 25, 2008

In one fell swoop, US Bank parlayed some of its $6.6 billion TARP capital to sweep up two failing Southern California thrifts. Both Downey Savings ($12.8 billion) and PFF Bank & Trust ($3.7 billion) were flipped into USB’s California franchise on November 21st, marking the latest chapter in the roll up of the once formidable California thrift industry.

The consequences of this double play have long term consequences for the California banking landscape and become part of the final chapter of the thrift industry as a separate industry segment. Also, the side effects of these deals on the FinTech vendor community can not be overlooked.

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