Regulators close Horizon Bank of Bellingham, Wash. - the first bank failure of 2010, a year when...

|By:, SA News Editor

Regulators close Horizon Bank of Bellingham, Wash. - the first bank failure of 2010, a year when small bank failures are expected to peak (2009 saw 140 failures). Washington Federal S&L assumes the $1.1B in deposits, but the resolution is costly: an estimated $539.1M from the Deposit Insurance Fund.