Bank, Credit Union Closed on June 11

Latest Tally: 91 Failed Institutions So Far in 2010 Federal and state banking regulators closed a bank and a credit union on Friday, June 11, raising the number of failed institutions to 91 so far in 2010.

The latest closings are:

Orange County Employees Credit Union, Texas

The National Credit Union Administration (NCUA) was appointed liquidating agent of Orange County Employees Credit Union (Orange County Employees) of Orange, Texas, by the Texas Credit Union Department. NCUA has signed an agreement with Sabine Federal Credit Union (Sabine) of Orange, Texas, to assume the assets and liabilities of Orange County Employees. The accounts are federally insured by the National Credit Union Share Insurance Fund (NCUSIF), an entity of the federal government operated by NCUA, up to at least $250,000.

Orange County Employees had $1.7 million in assets.

Washington First International Bank, Seattle

Washington First International Bank, Seattle, was closed by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of Washington First International Bank.

The four branches of Washington First International Bank were to reopen during normal business hours beginning Saturday as branches of East West Bank.

Washington First International Bank had approximately $520.9 million in assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $158.4 million.

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