Saturday, August 6, 2011

Two More Banks Closed

Posted By on Sat, Aug 6, 2011 at 1:46 PM

Another Northwest Bank was shuttered by Feds late Friday. The Eastern Washington-based Bank of Whitman was closed along with another bank in Illinois, bringing the tally of bank failures this year to 63.

The Columbia Banking System purchased $314 million of the Bank of Whitman's assets, opting to keep eight branches open but shutting down 12 others.

Regulators also closed the Bank of Shorewood in Illinois. Banks are closing under stress from lousy commercial real estate loans tied to property values, which have plummeted 49 percent since October 2007. Feds have shuttered more than 380 lenders since the start of 2008.

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