SNOHOMISH, Wash. (
) -- 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
institutions, based on regulatory data provided by
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
Because of the Memorial Day holiday, Heritage Bank's five offices were scheduled to reopen Tuesday as branches of Columbia State Bank.
> > Bull or Bear? Vote in Our Poll
This was Columbia State Bank's second purchase of a failed bank in two weeks. On May 20, it acquired
of Burlington, Wash.
Columbia State Bank previously purchased the failed
of The Dalles, Wash., and
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.
Written by Philip van Doorn in Jupiter, Fla.
To contact the writer, click here:
To follow the writer on Twitter, go to
To submit a news tip, send an email to:
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 TheStreet.com 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.