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Seattle bank closed, 82nd U.S. failure
SEATTLE, (UPI) -- Seattle's Washington First International Bank was seized by federal regulators Friday, raising the number of institutions taken over this year to 82.
The four-branch bank caters to Asian-American customers and will reopen as part of East West Bank, a California institution that is also prominent in the Asian community.
East West Chairman Dominic Ng told the Seattle Times that First International fit well with his company's strategy in locations with strong Pacific Rim ties.
The Times said First International was yet another U.S. bank dragged under by the collapse of the real estate market and was particularly heavily invested with builders and developers.
The Wall Street Journal said U.S. bank failures this year were on a pace to match the 140 closures recorded in 2009.
SEATTLE, (UPI) -- Seattle's Washington First International Bank was seized by federal regulators Friday, raising the number of institutions taken over this year to 82.
The four-branch bank caters to Asian-American customers and will reopen as part of East West Bank, a California institution that is also prominent in the Asian community.
East West Chairman Dominic Ng told the Seattle Times that First International fit well with his company's strategy in locations with strong Pacific Rim ties.
The Times said First International was yet another U.S. bank dragged under by the collapse of the real estate market and was particularly heavily invested with builders and developers.
The Wall Street Journal said U.S. bank failures this year were on a pace to match the 140 closures recorded in 2009.