First Bank To Fail In 2010 – Horizon Bank

Horizon Bank in Washington State was the first bank to fail in 2010 kicking off the year with what is predicted to be the peak of small bank failures. The Federal Deposit Insurance Corp (FDIC) said Horizon Bank had about $1.3 billion in total assets and $1.1 billion in total deposits as Sept. 30. Horizon’s failure is projected to cost the FDIC insurance fund $539.1 million. Washington Federal Savings and Loan Association has agreed to purchase Horizon Bank and will assume all deposits.

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Tags: Bank Failures, Banks, fdic

This entry was posted on January 20, 2010 at January 20, 2010 and is filed under Banks. You can follow any responses to this entry through the RSS 2.0 feed.