Further info on my bank failing.

[tenaya]

I've an acquaintance that has worked for PFF for years. Her retirement was in PFF stock and last year was worth $40,000. This summer when the bank was sold to Cal State, the stock prices made her retirement package worth just over $6,000. For some reason Cal State bank couldn't go through with the sale so the federal regulators seized it and now US Bank has its assets. That moves made all retirement benefits disappear for the employees. So my friend now has no retirement and her severance pay, which was going to be something like six months worth, is also gone.

So, while it probably won't make a difference for me as a customer, for the employees it's terrible news.