U.S. Bank

Downey Fails, Sold to US Bank by FDIC 

The days of wondering about the future of Downey Financial Corp. [stock DSL][/stock] are over; in a deal that is tantamount to a bank failure, the Federal Deposit Insurance Corp. said late Friday that it had secured a deal with US Bancorp [stock USB][/stock] that will see the Minneapolis-based bank absorb the banking operations of both Downey and smaller Pomona-based PFF Bank & Trust.