Friday, September 11, 2009

Bank Failure #92: Venture Bank, Lacy, Washington

by Calculated Risk on 9/11/2009 09:11:00 PM

Night comes to the West
Rest easy now Venture Bank
Feds have made you safe.

by Soylent Green is People

Note: Mostly Haiku will be by SGIP, but here is an extra ...
Everything Ventured
But very little gained, now
the whole bank transfered

by seajane

From the FDIC: First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Venture Bank, Lacy, Washington
Venture Bank, Lacy, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of July 28, 2009, Venture Bank had total assets of $970 million and total deposits of approximately $903 million. ...

The FDIC and First-Citizens Bank & Trust Company entered into a loss-share transaction on approximately $715 million of Venture Bank's assets....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $298 million. .... Venture Bank is the 92nd FDIC-insured institution to fail in the nation this year, and the third in Washington. The last FDIC-insured institution closed in the state was Westsound Bank, Bremerton, on May 8, 2009.