Bank Failure
Westsound Bank
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Closed May 8, 2009 · Bremerton, WA · FDIC Cert #34843.
- Closing date
- May 8, 2009
- Headquarters
- Bremerton, WA
- FDIC Certificate
- 34843
- Total assets at closing
- $334.6M
- Total deposits at closing
- $304.5M
- Estimated loss to the insurance fund
- $81.0M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Kitsap Bank
Context
On May 8, 2009, regulators closed Westsound Bank, headquartered in Bremerton, WA. At closing, the institution held approximately $334.6M in assets and $304.5M in deposits. The FDIC record names Kitsap Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $81.0M.
By assets at closing this is the 514th largest of the 3,526 bank failures in the FDIC record, and the 61st of 140 in 2009. 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 Westsound Bank fail?
Westsound Bank was closed by regulators on May 8, 2009.
Who acquired Westsound Bank?
The FDIC record names Kitsap Bank as the acquiring institution in the resolution of Westsound Bank.
How big was Westsound Bank when it failed?
Westsound Bank had approximately $334.6M in total assets and $304.5M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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