Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans. The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in assets and $7.5 billion in deposits. East West Bancorp Inc., parent company of East West Bank based in Pasadena, Calif., is buying all of the deposits and most of the failed bank's assets.

Kirstin Cole is CBS 2's consumer reporter. She joined WCBS-TV in 2001 as a general assignment reporter and has also served as co-anchor of the station's weekend news broadcasts. If you have a story you want Kirstin to investigate, click here to send her an e-mail.
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