Silver Falls Bank in Oregon was closed by regulators Friday night, becoming the 14th failed bank of the year.
The Federal Deposit Insurance Corp. was named receiver for the $131 million-asset bank, based in Silverton. Its $116 million in deposits were assumed by Citizens Bank, in Corvallis.
Citizens did not pay a deposit premium, but agreed to take over $13 million of the failed bank’s assets. The FDIC said the failure is estimated to cost $50 million to the Deposit Insurance Fund.
Silver Falls is the second bank to fail in Oregon this year. Pinnacle Bank, a $73 million bank in Beaverton, was closed a week ago.
