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7 and Counting… June 14, 2010

Posted by Erik Swanson in Articles, Research/Data, Uncategorized.
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OK, so  Friday’s bank news wasn’t all good… Loan losses from commercial real estate and failed construction projects have claimed another Washington bank.  Late on Friday, Washington First International Bank a Seattle-based institution with a predominantly Asian customer base, was taken over by East West Bank.  Headquartered in Pasadena, California, East West Bancorp has more than 130 locations in the United States, Hong Kong and China.

More info here.

Federal and state regulators have shuttered 247 banks since 2008 and for those keeping track, this is the 7th Washington bank closure since the beginning of 2010.  Washington has the fourth-highest total nationwide, behind Georgia, Florida and Illinois. With 20+ more WA banks on the FDIC’s watch list, we’ll probably stay high on that list.  The Wall St. Journal has put together an interesting (albeit scary) site that historically tracks closures and the value of the assets by state. With WAMU being the largest bank failure in U.S. history Seattle looks like ground zero.

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