Washington state bank closes; first failure of '13

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Associated Press

Posted on January 12, 2013 at 12:01 PM

Updated Saturday, Jan 12 at 12:01 PM

WASHINGTON (AP) — Regulators say they have closed a small lender in Washington state, making it the first U.S. bank failure of 2013 following 51 closures last year.

The Federal Deposit Insurance Corp. seized Westside Community Bank, based in University Place, Wash., on Friday.

The bank had $97.7 million in assets and $96.5 million in deposits as of Sept. 30.

Sunwest Bank, based in Irvine, Calif., agreed to assume all of the deposits and buy essentially all the assets of the failed lender.

The failure of Westside Community Bank is expected to cost the deposit insurance fund $20.3 million.

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