Seattle Bank Closed By Regulators

Posted by Orb Staff on June 14, 2010 No Comments
Categories : Residential Mortgage

tors closed only one bank Friday: Seattle's Washington First International Bank was shuttered by the state's Department of Financial Institutions, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into a purchase-and-assumption agreement with East West Bank, of Pasadena, Calif., to assume all of the deposits and $501 million of the failed bank's assets. As of March 31, Washington First International Bank had approximately $520.9 million in total assets. (The FDIC will retain the remaining assets for later disposition.) The FDIC and East West Bank entered into a loss-share transaction on $418.8 million of Washington First International Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund will be $158.4 million. SOURCE:[link=http://www.fdic.gov/news/news/press/2010/pr10133.html] Federal Deposit Insurance Corp.

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