State regulators closed two banks Friday – Colfax, Wash.-based Bank of Whitman and Shorewood, Ill.-based Bank of Shorewood, the Federal Deposit Insurance Corp. (FDIC) reports.
Tacoma, Wash.-based Columbia State Bank picked up the deposits and approximately $314.4 million of Bank of Whitman's assets. As of the end of June, Bank of Whitman's assets were estimated to total about $548.6 million in assets. The FDIC will keep the remaining assets for late disposition.
In Illinois, meanwhile, Bloomington-based Heartland Bank and Trust Co. agreed to acquire the deposits and essentially all of the assets belonging to Bank of Shorewood.
The FDIC estimates that the two bank failures combined will cost the Deposit Insurance Fund approximately $160.4 million. In all, 63 banks have closed so far this year.
