Washington bank shut down this year-FDIC
On Friday U. S. authorities have increased its total number of foreclosures in 2011 by closing a Washington state bank. It has made a total number of closures to 44.
The Federal Deposit Insurance Corp has said that this is the first Heritage Bank in Snohomish, Wash which is closed by the state authorities.
On the other hand on Tuesday there will be the inauguration of five branches of First Heritage. This will be similar to branches of Columbia State Bank. The depositors will automatically become depositors of Columbia as stated by the FDIC.
In the previous year there was the closure of 157 banks and in year 2009 there were 140 failures. The failures of the bank number have been increasing in smaller institutions. The institution which has less than $1 billion in assets faces the failure because the biggies have recovered more quickly from the 2007-2009 financial crises. $174 million were the total assets of the first Heritage.
FDIC Chairman Sheila Bair has said that the agency has been expecting the number of failures to drop in 2011.
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