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Regulators Shutter Two Community Banks

The failures of Carson River Community Bank of Carson City, Nev. and Rainier Pacific Bank of Tacoma, Wash. bring the 2010 total of failed U.S. banks and thrifts to 22.



) -- Regulators shut down two banks Friday, bringing this year's tally of U.S. bank and thrift failures to 22. Ratings

had previously assigned both institutions E-minus (Very Weak) financial strength ratings, and both were included in's

list of

undercapitalized banks


Carson River Community Bank

The Nevada Department of Business and Industry closed

Carson River Community Bank

of Carson City, Nev. and appointed the Federal Deposit Insurance Corp. receiver. The FDIC arranged for

Heritage Bank of Nevada

, of Reno, Nev. to assume the failed bank's $50 million in total deposits and $38 million of its $51 million in assets.

The FDIC retained the remaining assets for later disposition and agreed to share in losses on $28.5 million of the acquired assets.

Carson River Community's office was scheduled to reopen Monday as a branch of Heritage Bank of Nevada. The FDIC estimated the cost to its insurance fund would be $7.9 million.

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Rainier Pacific Bank

Meanwhile, Washington regulators shuttered

Rainier Pacific Bank

of Tacoma, Wash., which was held by

Rainier Pacific Financial


. The FDIC was appointed receiver and sold the failed bank's $446 million in total deposits for a 1.04% premium to

Umpqua Bank

of Roseburg, Ore., the main subsidiary of

Umpqua Holdings

(UMPQ) - Get Umpqua Holdings Corporation Report


This was


second acquisition of a failed bank this year. The company purchased the failed Evergreen Bank of Seattle in January.

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In addition to the deposits, Umpqua agreed to assume roughly $670 million of Rainier Pacific's $718 million in total assets, with the FDIC retaining the rest for later disposition. The agency agreed to share in losses on $578 million of the acquired assets and estimated the cost to its insurance fund would be $95.2 million.

Rainier Pacific's 14 branches were set to reopen during normal business hours as Umpqua Bank branches.

Ongoing Bank Failure Coverage

All previous bank and thrift failures since the beginning of 2008 are detailed in's

interactive bank failure map:

The bank failure map is color-coded, with states having the greatest number of failures highlighted in red, and states with no failures in gray. By hovering your mouse over a state you can see the combined 2008-2010 totals for that state. Then click the state to open a detailed map that pinpoints the locations of the failures and provides additional information for each failure.

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Written by Philip van Doorn in Jupiter Fla.

Philip W. van Doorn joined Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a Bachelor of Science in business administration from Long Island University.