by Calculated Risk on 5/09/2009 12:37:00 AM

Results from "Stress Test"
Bogus Kabuki theatre.
Truth remains hidden.
by Soylent Green is People
From the FDIC: Kitsap Bank, Port Orchard, Washington, Assumes All of the Deposits of Westsound Bank, Bremerton, Washington

Westsound Bank, Bremerton, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of March 31, 2009, Westsound Bank had total assets of $334.6 million and total deposits of $304.5 million. ...

The transaction is the least costly resolution option, and the FDIC estimates the cost to its Deposit Insurance Fund will be $108 million. Westsound Bank is the 33rd FDIC-insured institution to be closed this year and the second in Washington. The last bank to be closed in the state was the Bank of Clark County on January 16, 2009.