Friday, April 16, 2010

Bank Failure #50: City Bank, Lynnwood, Washington

by Calculated Risk on 4/16/2010 09:28:00 PM

City Bank failure.
Not that one, nor that one...yet.
Not that one either.

by Soylent Green is People

From the FDIC: Whidbey Island Bank, Coupeville, Washington, Assumes All Of The Deposits Of City Bank, Lynnwood, Washington
As of December 31, 2009, City Bank had approximately $1.13 billion in total assets and $1.02 billion in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $323.4 million.... City Bank is the 50th FDIC-insured institution to fail in the nation this year, and the fifth in Washington. The last FDIC-insured institution closed in the state was Rainier Pacific Bank, Tacoma, February 26, 2010.