BANZAI7 NEWS--Officials announced the elaborate closing of San Francisco-based United Commercial Bank Friday night in a deal involving both U.S. and Chinese regulators and a buyer poised to assume the bank's operations immediately.
"The resolution of UCB demonstrates value, and prospects, for international cooperation in resolutions of banks and other financial firms," the Federal Deposit Insurance Corp. said Friday.
Uh, better make that "US" banks and financial firms, buddy.
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