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Friday, January 08, 2010

Bank Failure #1: Horizon Bank, Bellingham, Washington

by Calculated Risk on 1/08/2010 09:17:00 PM

A Lost Horizon
Emerald City's Shangra-La
No eternal life

by Soylent Green is People

Earlier employment posts:
Employment Report: 85K Jobs Lost, 10% Unemployment Rate for graphs of unemployment rate and a comparison to previous recessions.
Seasonal Employment-Population Ratio, Part Time Workers, Temporary Workers
Unemployed over 26 Weeks, Diffusion Index, Seasonal Retail Hiring

From the FDIC: Washington Federal Savings and Loan Association, Seattle, Washington, Assumes All the Deposits of Horizon Bank, Bellingham, Washington
Horizon Bank, Bellingham, Washington, was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Horizon Bank had approximately $1.3 billion in total assets and $1.1 billion in total deposits....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $539.1 million. ... Horizon Bank is the first FDIC-insured institution to fail in the nation this year, and the first in Washington. The last FDIC-insured institution closed in the state was Venture Bank, Lacey, on September 11, 2009.