Chubu Bank, a Shizuoka-based bank that went bankrupt last March, said Monday it has completed the transfer of its operations to Shimizu Bank, Shizuoka Chuo Bank and Tokyo Star Bank.
Shimizu Bank took over 29 of Chubu Bank's 40 branches in Shizuoka Prefecture, and Shizuoka Chuo Bank took over the remainder. Tokyo-based Tokyo Star Bank took over the operations of four branches located outside the prefecture.
The state-run Resolution and Collection Corp., which acquires bad loans from banks, bought the Chubu Bank assets left unsold to any of the three banks and took over the civil lawsuits against the bank's former management.
Chubu Bank filed for insolvency proceedings with the Financial Services Agency on March 8, 2002, after abandoning efforts to rebuild itself.