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Bank Failure #22: Rainier Pacific Bank, Tacoma, Washington

By Anonymous

Ranier Pacific
Day of reckoning has come
As sun sets westward
by Soylent Green is People
From the FDIC: Umpqua Bank, Roseburg, Oregon, Assumes All of the Deposits of Rainier Pacific Bank, Tacoma, Washington

Rainier Pacific Bank, Tacoma, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of December 31, 2009, Rainier Pacific Bank had approximately $717.8 million in total assets and $446.2 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $95.2 million. ... Rainier Pacific Bank is the 22nd FDIC-insured institution to fail in the nation this year, and the fourth in Washington. The last FDIC-insured institution closed in the state was American Marine Bank, January 29, 2010.

Umpqua buys another one ...

Full post as published by Calculated Risk on February 26, 2010 (boomark / email).