Friday, July 30, 2010

Bank Failure #107 & 108: Washington and Oregon

by Bill McBride on 7/30/2010 09:49:00 PM

The Cowlitz Bank failed.
Udderly Ridiculous!
Their milk shake was drank.


For whom the bell tolls?
Liberty pushed out to sea
Farewell to assets.

by Soylent Green is People

From the FDIC: Heritage Bank, Olympia, Washington, Assumes All of the Deposits of The Cowlitz Bank, Longview, Washington
As of March 31, 2010, The Cowlitz Bank had approximately $529.3 million in total assets and $513.9 million in total deposits. Heritage Bank paid the FDIC a premium of 1.0 percent for the deposits of The Cowlitz Bank. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $68.9 million. ... The Cowlitz Bank is the 107th FDIC-insured institution to fail in the nation this year, and the eighth in Washington. The last FDIC-insured institution closed in the state was Washington First International Bank, Seattle, on June 11, 2010.
From the FDIC: Home Federal Bank, Nampa, Idaho, Assumes All of the Deposits of LibertyBank, Eugene, Oregon
As of March 31, 2010, LibertyBank had approximately $768.2 million in total assets and $718.5 million in total deposits. Home Federal Bank paid the FDIC a premium of 1.0 percent for the deposits of LibertyBank. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.3 million. .... LibertyBank is the 108th FDIC-insured institution to fail in the nation this year, and the third in Oregon. The last FDIC-insured institution closed in the state was Home Valley Bank, Cave Junction, on July 23, 2010.
That makes 5 today.

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