SUMMIT BANK Failed 2011
What happened
SUMMIT BANK of BURLINGTON, WA was closed on 2011-05-20. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to COLUMBIA STATE BANK (TACOMA, WA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3931
- FDIC Certificate
- 513
- FDIC FIN
- 10367
- Bank name
- SUMMIT BANK
- Location
- BURLINGTON, WA
- Failure date
- 2011-05-20
- FDIC resolution date
- 2011-05-20
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $24M
- Deposits at failure
- $132M
- Assets at failure
- $143M
- Acquiring bank
- COLUMBIA STATE BANK (TACOMA, WA)
Other banks COLUMBIA STATE BANK acquired in FDIC resolutions