Three Bank Failures (including one in Burlington, WA) cost the FDIC $445 million last week

Columbia State Bank in Tacoma, Wash., has agreed to assume all of Summit Bank in Burlington's $132 million in deposits and pay the FDIC a 0.75% premium. The buyer will also acquire the failed bank’s assets. The FDIC and Columbia State will share losses on about $113 million of those assets. The failure, the first in Washington State in 2011, is estimated to cost the FDIC $15.7 million.

'11 Failure Total Rises to 43 as Two Fall in Georgia, One in Washington

From American Banker | Friday, May 20, 2011

By Joe Adler

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"Three failures late Friday, including a pair in Georgia, cost the Federal Deposit Insurance Corp. an estimated $445 million. The FDIC found a single buyer to take both the $742 million-asset Atlantic Southern Bank in Macon, Ga., and the $731 million-asset First Georgia Banking Co. in Franklin, Ga. Later, regulators in Washington state shuttered the $143 million-asset Summit Bank in Burlington. The night’s activity brought the year’s failure toll to 43." Link to full post in American Banker