Reply #18: OOPS! I HOPE THEY GOT OVERTIME THEN.

[Demeter]

First Heritage Bank, Snohomish, Washington, was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of First Heritage Bank.

Due to the Memorial Day holiday, the five branches of First Heritage Bank will reopen on Tuesday as branches of Columbia State Bank...As of March 31, 2011, First Heritage Bank had approximately $173.5 million in total assets and $163.3 million in total deposits. Columbia State Bank will pay the FDIC a premium of 0.75 percent to assume all of the deposits of First Heritage Bank. In addition to assuming all of the deposits of the failed bank, Columbia State Bank agreed to purchase essentially all of the assets.

The FDIC and Columbia State Bank entered into a loss-share transaction on $142.2 million of First Heritage Bank's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.9 million. Compared to other alternatives, Columbia State Bank's acquisition was the least costly resolution for the FDIC's DIF. First Heritage Bank is the 44th FDIC-insured institution to fail in the nation this year, and the second in Washington STATE.