Bank failure · WA
Summit Bank (Burlington, WA) — failed May 20, 2011
Summit Bank of Burlington, Washington was closed on May 20, 2011 and resolved through a purchase and assumption. Columbia State Bank (WA) took over its insured deposits. At failure it held $142.7M in assets and $131.6M in deposits. The FDIC's estimated loss on the failure is $24.2M (17.0% of assets).
- Closing date
- May 20, 2011
- FDIC certificate #
- 513
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Columbia State Bank
- Insurance fund
- DIF
- Pre-failure filings
- Last reported financials
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