Friday, January 22, 2010

Bank Failures #8 & #9: Evergreen Bank, Seattle, Washington and Columbia River Bank, The Dalles, Oregon

by Bill McBride on 1/22/2010 09:06:00 PM

Evergreen? Not so.
Columbia River Bank,
Both washed away.

by Soylent Green is People

From the FDIC: Umpqua Bank, Roseburg, Oregon, Assumes All of the Deposits of Evergreen Bank, Seattle, Washington
Evergreen Bank Seattle, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of September 30, 2009, Evergreen Bank had approximately $488.5 million in total assets and $439.4 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64.2 million. ... Evergreen Bank is the eighth FDIC-insured institution to fail in the nation this year, and the second in Washington. The last FDIC-insured institution closed in the state was Horizon Bank, Bellingham, on January 8, 2010.
From the FDIC: Columbia State Bank, Tacoma, Washington, Assumes All of the Deposits of Columbia River Bank, The Dalles, Oregon
Columbia River Bank, The Dalles, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Columbia River Bank had approximately $1.1 billion in total assets and $1.0 billion in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $172.5 million. ... Columbia River Bank is the ninth FDIC-insured institution to fail in the nation this year, and the first in Oregon. The last FDIC-insured institution closed in the state was Community First Bank, Prineville, on August 7, 2009.
That makes five bank failures today, and two with over $1 billion in assets each.

Last 10 Posts