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.