Five financial institutions took over the operations of Ishikawa Bank on Monday, 15 months after the Kanazawa-based second-tier regional bank failed.
Two regional banks in Toyama Prefecture -- Hokuriku Bank and First Bank of Toyama -- and three entities in Ishikawa Prefecture -- Kanazawa Shinkin Bank, Noto Shinyo Kinko and Hokkoku Bank -- each took over part of Ishikawa Bank's operations as of Monday.
The state-run Resolution and Collection Corp. took over the assets of Ishikawa Bank that had not been taken on by the financial institutions.
Ishikawa Bank went under in late December 2001. It had a negative net worth of about 22.8 billion yen as of the end of that September.