Bank of Whitman and One Other Close

78th ranked, Bank of Whitman of Colfax, Washington, was closed today. In an unusual twist, Columbia State Bank (3713th) of Tacoma, Washington will only partially acquire the former bank. While all of the approximately $515.7 million in deposits will be assumed by Columbia State Bank, only 8 of the 20 branches will re-open. In all, only $314.4 of the $548.6 million in total assets will be acquired. Relative to other closings, the cost to the Deposit Insurance Fund (DIF) will be substantial at $134.8 million.

202nd ranked Bank of Shorewood of Shorewood, Illinois, was closed today after failing to address a Prompt Corrective Action issued against it in May. The bank was unsuccessful in their attempt to re-capitalize the bank. Instead, Heartland Bank and Trust Company (2888th) of Bloomington, Illinois has agreed takeover nearly all of the approximately $104.0 million in deposits and $110.7 million in total assets. The FDIC estimates that the cost to the DIF will be $25.6 million.