WASHINGTON -(Dow Jones)- U.S. regulators Friday closed the Cowlitz Bank, in Longview, Wash., the 107th bank to fail this year.
The Washington Department of Financial Institutions seized the bank, which as of March 31 held approximately $529.3 million in assets and $513.9 million in deposits. Cowlitz had nine branches, including two in Oregon, according to the Federal Deposit Insurance Corp.
Regulators said that Olympia-based Heritage Bank had agreed to assume all of the deposits and purchase $329.5 million of the failed bank's assets. The FDIC will retain the rest of the assets from the failed bank, to sell later.
The FDIC said the failure is expected to cost the agency's deposit-insurance fund about $68.9 million.
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