Failure Toll Hits 63 With Closures in Illinois and Washington

WASHINGTON - Two failures Friday evening cost the Federal Deposit Insurance Corp. an estimated $160 million.

Regulators closed the $111 million-asset Bank of Shorewood in Shorewood, Ill., and the $549 million-asset Bank of Whitman in Colfax, Wash. The failures brought the year’s total to 63.

The FDIC found buyers for both institutions. Heartland Bank and Trust Co. in Bloomington, Ill., agreed to assume all of Bank of Shorewood’s $104 million in deposits and acquire virtually all of its assets. The failure, the sixth in Illinois this year, was estimated to cost the Deposit Insurance Fund $25.6 million.

All of Bank of Whitman’s  $516 million in deposits will go to Columbia State Bank in Tacoma, Wash. The acquirer also agreed to purchase about $314 million of the failed bank’s assets. The failure, which was the third in Washington state this year, was estimated to cost $135 million.