Incubator Bank To File For Bankruptcy

The Financial Services Agency declared the Incubator Bank of Japan insolvent and ordered a halt of operation for three days through Sunday. The Tokyo-based small business lender plans to file for bankruptcy protection today. The government will insure customers' deposits up to 10 million yen plus interest. The bank was established in 2004 as a specialist in small business loans and ended up with bad loans worth an estimated 170 billion yen.