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FDIC closes banks in Nevada, Washington

Feb. 27, 2010 at 12:01 PM   |   Comments

WASHINGTON, Feb. 27 (UPI) -- Bank failures in Carson City, Nev., and Tacoma, Wash., brought to 22 the number of U.S. banks to be closed so far this year, officials said.

Friday, the Federal Deposit Insurance Corp. closed Carson River Community Bank and Rainier Pacific Bank because of bad loans, The Wall Street Pit Blog reported Saturday.

Carson River's $50 million in deposits were assumed by Reno-based Heritage Bank of Nevada, which also agreed to purchase about $38 million of the failed bank's $51.1 million in assets. The failure would cost the FDIC's deposit insurance fund about $7.9 million, the FDIC said.

Rainier Pacific's $446.2 million in deposits were assumed by Umpqua Bank of Roseburg, Ore., which also agreed to purchase $670.1 million of Rainier Pacific's $717.8 million in assets. The failure would cost the insurance deposit fund about $95.2 million, the FDIC said.

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