Bank Failure
Summit Bank
Closed May 20, 2011 · Burlington, WA · FDIC Cert #513.
- Closing date
- May 20, 2011
- Headquarters
- Burlington, WA
- FDIC Certificate
- 513
- Total assets at closing
- $142.7M
- Total deposits at closing
- $131.6M
- Estimated loss to DIF
- $24.2M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Columbia State Bank
Context
On May 20, 2011, regulators closed Summit Bank, headquartered in Burlington, WA. At closing, the institution held approximately $142.7M in assets and $131.6M in deposits. The FDIC arranged a resolution under which Columbia State Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $24.2M.
By assets at closing this is the 974th largest of the 3,524 bank failures in the FDIC record, and the 63rd of 92 in 2011. 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 Summit Bank fail?
Summit Bank was closed by regulators on May 20, 2011.
Who acquired Summit Bank?
Columbia State Bank acquired the failed bank's deposits and operations on May 20, 2011 under an FDIC-brokered resolution.
How big was Summit Bank when it failed?
Summit Bank had approximately $142.7M in total assets and $131.6M in deposits at the time of failure.
Other failures in 2011
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 2011 | Western National Bank | $162.9M |
| Dec 16, 2011 | Premier Community Bank of the Emerald Coast | $126.0M |
| Nov 18, 2011 | Central Progressive Bank | $383.1M |
| Nov 18, 2011 | Polk County Bank | $91.6M |
| Nov 10, 2011 | Community Bank of Rockmart | $62.4M |
| Nov 4, 2011 | Sunfirst Bank | $198.1M |
| Nov 4, 2011 | Mid City Bank, Inc. | $106.1M |
| Oct 28, 2011 | All American Bank | $34.8M |
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