Bank Failure
Horizon Bank
Closed January 8, 2010 · Bellingham, WA · FDIC Cert #22977.
- Closing date
- January 8, 2010
- Headquarters
- Bellingham, WA
- FDIC Certificate
- 22977
- Total assets at closing
- $1.19B
- Total deposits at closing
- $1.05B
- Estimated loss to DIF
- $205.5M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Washington Federal Savings and Loan Association
Context
On January 8, 2010, regulators closed Horizon Bank, headquartered in Bellingham, WA. At closing, the institution held approximately $1.19B in assets and $1.05B in deposits. The FDIC arranged a resolution under which Washington Federal Savings and Loan Association acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $205.5M.
By assets at closing this is the 182nd largest of the 3,524 bank failures in the FDIC record, and the 16th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Horizon Bank fail?
Horizon Bank was closed by regulators on January 8, 2010.
Who acquired Horizon Bank?
Washington Federal Savings and Loan Association acquired the failed bank's deposits and operations on January 8, 2010 under an FDIC-brokered resolution.
How big was Horizon Bank when it failed?
Horizon Bank had approximately $1.19B in total assets and $1.05B in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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