The U.S. Bank regulators closed Irvine, California-based MetroPacific Bank last Friday. This marked the 44th U.S. bank to fail this year, owing to the struggling economy and falling home prices.

According to the Federal Deposit Insurance Corp., MetroPacific had $80 million in assets and $73 million in deposits, as of June 8. The failure is expected to cost the FDIC deposit insurance fund an estimated $29 million.

Sunwest Bank, of Tustin, California, agreed to assume all deposits of MetroPacific, but those from brokers and virtually all of the bank’s assets. MetroPacific’s sole office will reopen on Monday as a branch of Sunwest Bank.

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