Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, May 27, 2011
Columbia State Bank Acquires Second Failed Bank in Two Weeks
79th ranked First Heritage Bank of Snohomish, Washington by state regulators. The approximately $173.5 million bank by assets was taken over by Columbia State Bank of Tacoma, Washington. Columbia assumed the assets and deposits of the bank and entered into a $142.2 million loss-share transaction with the FDIC. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.9 million.