Fis closed: First Heritage Bank, Snohomish, Washington, USA
On Friday, 27 May, 2011, First Heritage Bank, Snohomish, Washington, USA was closed by the Washington Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of First Heritage Bank.
Due to the Memorial Day holiday, the five branches of First Heritage Bank will reopen on Tuesday as branches of Columbia State Bank. Depositors of First Heritage Bank will automatically become depositors of Columbia State Bank.
As of 31 March, 2011, First Heritage Bank had approximately USD173.5 million in total assets and USD163.3 million in total deposits.
Columbia State Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of First Heritage Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD34.9 million.
First Heritage Bank is the 44th FDIC-insured institution to fail in the nation this year and the second in Washington.
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