U.S. Rescues Citigroup; Three More Banks fail, bringing total number of bank failures to 22 so far in 2008. Citi Receives $20 billion Bailout, Backing on $300b in Loans; three more banks fail on Friday. Downey Savings and Loan Association of Newport Beach and PFF Bank & Trust of Pomona, were closed by the Office of Thrift Supervision, and the FDIC was appointed as receiver. The FDIC will guarantee against the possibility of unusually large losses on the more than $300 billion in risky loans and securities Citigroup holds.”]
Source: https://www.cuinfosecurity.com/us-rescues-citigroup-three-more-banks-closed-a-1073