Downey Financial Corp, Gone

By: Nicholas Ventimiglia Monday, November 24, 2008 10:55 AM

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On Friday, the FDIC closed and facilitated the sale of two CA savings banks, Downey Savings and Loan, the bank unit of Downey Financial Corp (NYSE:DSL) and PFF Bank and Trust, Pomona, CA. All deposit accounts and all loans of both banks have been transferred to U.S. Bank, NA, lead bank unit of US Bancorp (NYSE:USB). All former Downey and PFF Bank branches reopen for business today as branches of U.S. Bank.

In this past year I have called for the shorting of Downey Financial Corp. While I covered a while ago, It is good to see that my pick would of gone to $0.

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