WASHINGTON — While it has seemingly become routine for several banks to fail every week, only one institution was closed late Friday, $521 million-asset Washington First International Bank in Seattle.
All of the bank's $441 million of deposits and $501 million of its assets were purchased by East West Bank in Pasadena. The California bank paid a 0.5% premium for the deposits and entered into a loss-sharing agreement with the Federal Deposit Insurance Corp. on $419 million of the failed bank’s assets.
The failure is estimated to cost $158.4 million. The collapse was the seventh in Washington state this year and brought the total annual failure tally to 82.
