.

Friday, January 8, 2010

America's Bank Failure Friday hits close to home...

It's the start of a new year, and thus a new Bank Failure Friday count.

And on this first Friday of the year, we have one lone casualty... but it hits close to home.

Not too far south of us Horizon Bank of Bellingham, Washington was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

As of September 30, 2009, Horizon Bank had approximately $1.3 billion in total assets and $1.1 billion in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $539.1 million. Horizon Bank is the first FDIC-insured institution to fail in the nation this year, and the first in Washington. The last FDIC-insured institution closed in the state was Venture Bank, Lacey, on September 11, 2009.

Just think... housing values are booming here. And 20 minutes south of us, the real estate collapse is pulling down banks.

Bubble?

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

5 comments:

  1. Hellaaaaaa sweeeet blog! Great read! Same thing in Calgary...Was just in Montana....ouch, housing is actually affordable there...but your canucks will still lose tonight! Keep the posts up!

    ReplyDelete
  2. What was the total bank failure count at EOY 2009?

    ReplyDelete
  3. There were 140 US bank failures in 2009, almost an average of 3 per week. It's the most in a year since 1992.

    ReplyDelete
  4. Thanks for answering my question!

    ReplyDelete