Horizon Bank (Bellingham, Wash.) closed by regulators

[Newsjock]

Source: Seattle Times

Horizon Bank of Bellingham, which has struggled for more than a year under a crushing weight of bad loans to homebuilders and developers, was closed by state regulators Friday evening — the first U.S. bank to fail in 2010.

Seattle-based Washington Federal will take over all of Horizon's $1.2 billion in deposits, except for brokered deposits. Those will be paid out by the Federal Deposit Insurance Corp.

Horizon's drive-up branches that normally are open on Saturday will reopen tomorrow with normal business hours as Washington Federal branches. Other Horizon branches will reopen on Monday under the Washington Federal name.

... Horizon has 18 branches in Whatcom, Skagit, Snohomish and Pierce counties, as well as four commercial loan centers and four real estate loan centers.

Read more: http://seattletimes.nwsource.com/html/businesstechnology/2010747251_bank09.html

[Blandocyte]

1. Failures right and left for the last few years

No horror stories from any of those tho. Sad that this is happening, but so far, so "good." No mass panic, no "It's a wonderful life" type runs on banx. I try to stay hopeful and hope my little credit union stays solvent.

[pravin404]

2. Bank Tracker

FDIC started 2010 with a big bank failures costing estimated $539.1 million.
Track the bank failures in US at http://portalseven.com/banks/">http://portalseven.com/banks

[Turbineguy]

3. Washington Federal

was careful about their loan portfolio. No glamorous high risk loans there.