In today's chaotic banking world, where crashing waves of economic change have swept away dozens of famous-name banks and restructured much of the nation's financial community, First Heritage Bank is stabilizing and creating a positive new image as “The Greatest Small Business Bank.”From TheStreet.com: Washington Bank Fails; 2011 Tally Now 44.
With $215 million in assets in September 2009, the bank noted that more than 90 percent of its $174.6 million loan portfolio was in real estate. The bank lost $5.9 million in the first nine months of 2009, compared to a profit of $992,000 in the same period in 2008.
First Heritage Bank's President and CEO, Cathy Reines, has loved banks — particularly community banks — for many years, and it shows.
State regulators Friday shut down First Heritage Bank of Snohomish, Wash., bringing this year's total number of U.S. bank failures to 43.Rock on, Cathy! Your "love" of banking is shining through and through!!!
The Washington State Department of Financial institutions took over First Heritage Bank and then appointed the Federal Deposit Insurance Corp. receiver. The FDIC then sold all of the failed bank's deposits (approximately $163.3 million) for a 0.75% premium to Columbia State Bank of Tacoma, Wash. Columbia State Bank also agreed to assume the failed bank's assets, which total roughly $173.5 million.
