) -- State regulators Friday shut down

First Heritage Bank

of Snohomish, Wash., bringing this year's total number of U.S. bank failures to 43.

The failed bank was previously included in



Bank Watch List



institutions, based on regulatory data provided by

SNL Financial


The Washington State Department of Financial institutions took over First Heritage Bank and then appointed the Federal Deposit Insurance Corp. receiver. The FDIC then sold all of the failed bank's deposits (approximately $163.3 million) for a 0.75% premium to

Columbia State Bank

of Tacoma, Wash. Columbia State Bank also agreed to assume the failed bank's assets, which total roughly $173.5 million.

The acquiring bank is the main subsidiary of

Columbia Banking System

(COLB) - Get Columbia Banking System, Inc. Report


Because of the Memorial Day holiday, Heritage Bank's five offices were scheduled to reopen Tuesday as branches of Columbia State Bank.

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This was Columbia State Bank's second purchase of a failed bank in two weeks. On May 20, it acquired

Summit Bank

of Burlington, Wash.

Columbia State Bank previously purchased the failed

TheStreet Recommends

Columbia River Bank

of The Dalles, Wash., and

American Marine Bank

of Bainbridge Island, Wash.

Thorough Bank Failure Coverage

All bank and thrift closures since the beginning of 2008 are detailed in


interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Clicking on a state opens a detailed map pinpointing the location of each failure along with additional information.


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Written by Philip van Doorn in Jupiter, Fla.

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Philip van Doorn


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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., 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.