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.
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