Regulators shut Seattle-based bank
Friday, June 11, 2010
WASHINGTON (AP) -- Regulators have shut down a bank in Washington, bringing to 82 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday took over Seattle-based Washington First International Bank, with $520.9 million in assets and $441.4 million in deposits. East West Bank, based in Pasadena, Calif., agreed to assume the deposits and $501 million of the assets of the failed bank.
The failure of Washington First International Bank is expected to cost the deposit insurance fund $158.4 million.