Economy

Demeter

(85,373 posts)

5. ANOTHER BANK DOWN

Fri Dec 16, 2011, 10:30 PM

Dec 2011

Western National Bank, Phoenix, Arizona, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Federal, Seattle, Washington, to assume all of the deposits of Western National Bank.

The three branches of Western National Bank will reopen on Monday as branches of Washington Federal...As of September 30, 2011, Western National Bank had approximately $162.9 million in total assets and $144.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Washington Federal agreed to purchase essentially all of the assets...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.6 million. Compared to other alternatives, Washington Federal's acquisition was the least costly resolution for the FDIC's DIF. Western National Bank is the 92nd FDIC-insured institution to fail in the nation this year, and the third in Arizona. The last FDIC-insured institution closed in the state was Summit Bank, Prescott, on July 15, 2011.

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