Friday, April 30, 2010

Bank Failure #64: Frontier Bank, Everett, Washington

by Bill McBride on 4/30/2010 09:14:00 PM

Wide open frontier
A limitless horizon
Much like our debt load.

by Soylent Green is People

From the FDIC: Union Bank, National Association, San Francisco, California, Assumes All of the Deposits of Frontier Bank, Everett, Washington
Frontier Bank, Everett, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of December 31, 2009, Frontier Bank had approximately $3.50 billion in total assets and $3.13 billion in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.37 billion. ... Frontier Bank is the 64th FDIC-insured institution to fail in the nation this year, and the sixth in Washington. The last FDIC-insured institution closed in the state was City Bank, Lynnwood, on April 16, 2010.
Is that about $7 billion today?