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Regulators Seize Year’s Second Failed Washington Bank

in Government May 31, 2011 652 Views

Washington state regulators stepped in to shut down ""First Heritage Bank"":http://www.firstheritage.net/ in Snohomish late Friday. It was the[IMAGE] [COLUMN_BREAK]

only closing of an FDIC-insured institution last week but marks the ""44th bank failure of the year"":http://www.fdic.gov/bank/individual/failed/banklist.html, and the second in Washington.

The FDIC brokered a deal with Tacoma's ""Columbia State Bank"":http://www.columbiabank.com to take over operations at the failed institution's five branch locations, assume all of its $163.3 million in deposits for a premium of 0.75 percent, and purchase its $173.5 million in assets.

The FDIC and Columbia State Bank entered into a loss-share transaction on $142.2 million of First Heritage Bank's assets. The Washington bank's closing is expected to cost the FDIC $34.9 million.

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About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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