Click Cover to Read Digital Edition

AVAILABLE IN THE APP STORE
iPAD APP
iPHONE APP

UPCOMING EVENTS

 
Card Forum & Expo
April 22-25
Hilton Orlando Bonnet Creek
Orlando, Fla.
 
EMERGE: The Forum on Consumer Financial Services Innovation
June 2-4
Hyatt Regency Century Plaza
Los Angeles
 
Digital Banking Summit
June 2-4
Hyatt Regency Century Plaza
Los Angeles
 
2014 RDC Summit
Sept. 30 - Oct. 2
Las Vegas
 
ATM, Debit & Prepaid Forum
October 19-22
JW Marriott Desert Ridge
Phoenix
 
Money2020
November 2-6
Aria
Las Vegas
More events >  

Share |

Print Friendly and PDF

Sunwest Bank Assumes Deposits of Westside Community Bank in Washington

 

Jan 14 - Westside Community Bank, University Place, Wash., has been closed by the Washington State Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Irvine, Calif., to assume all of the deposits of Westside Community Bank.

As of Sept. 30, 2012, Westside Community Bank had approximately $97.7 million in total assets and $96.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-830-4705. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/westside.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $20.3 million. Compared to other alternatives, Sunwest Bank's acquisition was the least costly resolution for the FDIC's DIF. Westside Community 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 Bank of Whitman, Colfax, on Aug. 5, 2011.



Back