Washington's Westside Community Bank has the dubious honor of being the first to fall in 2013.[IMAGE] [COLUMN_BREAK]
The ""FDIC"":http://www.fdic.gov/ announced that the ""Washington State Department of Financial Institutions"":http://www.dfi.wa.gov/ shuttered Westside on Friday. The bank's two branches are reopening as branches of Irvine, California's ""Sunwest Bank"":https://www.sunwestbank.com/index_westside.aspx.
According to the FDIC, Sunwest Bank is assuming all of Westside's estimated $96.5 million (as of September 30, 2012) in deposits. Sunwest also agreed to purchase essentially all of the closed bank's $97.7 million in assets.
The FDIC estimates Westside's closure cost the Deposit Insurance Fund about $20.3 million.
While Westside is the first bank to collapse in 2013, it is also Washington's first failure in more than a year. The last FDIC-insured institution to close in the state was the Bank of Whitman in August 2011.