FIs Closed : Summit Bank, Burlington, Washington, USA
On Friday, 20 May 20, 2011, Summit Bank, Burlington, Washington, USA was closed by the Washington State 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 Summit Bank.
The three branches of Summit Bank will reopen on Monday 23 May 2011 as branches of Columbia State Bank. Depositors of Summit Bank will automatically become depositors of Columbia State Bank.
As of 31 March, 2011, Summit Bank had approximately USD142.7 million in total assets andUSD$131.6 million in total deposits. Columbia State Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of Summit Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will beUSD$15.7 million.
Summit Bank is the 43rd FDIC-insured institution to fail in the nation this year, and the first in Washington.
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