Two institutions insured by the Federal Deposit Insurance Corp. (FDIC) were closed Friday.
Carson City, Nev.-based Carson River Community Bank was closed by state regulators, with Reno, Nev.-based Heritage Bank purchasing $38 million of the failed bank's assets. At the end of last year, Carson River Community Bank reported total assets of $51.1 million. The FDIC will retain the remaining assets for later disposition. The FDIC and Heritage Bank entered a loss-share agreement on $28.5 million of the acquired assets.
State regulators in Washington closed Tacoma, Wash.-based Rainier Pacific Bank. Roseburg, Ore.-based Umpqua Bank has agreed to buy approximately $670.1 million of Rainier Pacific Bank's assets (which totaled $717.8 million at the end of December). The FDIC will retain the remaining assets for later disposition. The FDIC and Umpqua Bank entered into a loss-share transaction on $578.1 million of Rainier Pacific Bank's assets.
Carson River Community Bank's failure is expected to cost the Deposit Insurance Fund (DIF) $7.9 million, while Rainier Pacific Bank is expected to cost the DIF $95.2 million.
SOURCE: Federal Deposit Insurance Corp.