Number Four Bank Fails

After  a month-long vacation, the protectors of the safety and soundness of commercial banking were back at work closing the fourth-ranked Westside Community Bank of University Place, Washington. To protect the depositors, Sunwest Bank (4735th) of Irvine, California, agreed to assume all of the approximately $96.5 million in total deposits. In addition, they agreed to acquire the approximately  $97.7 million in total assets of the former Westside Community Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.3 million.