Washington State Department of Financial Institutions

Columbia State Bank Purchases First Heritage Bank

On Friday, May 27, 2011, the Washington Department of Financial Institutions (DFI) closed First Heritage Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of First Heritage Bank.

The FDIC immediately entered into a purchase and assumption agreement with Columbia State Bank, headquartered in Tacoma, Wash. Columbia State Bank (doing business as Columbia Bank) will assume all of the deposits and assets of First Heritage Bank.


Information For First Heritage Bank Customers

Resources For First Heritage Bank Customers


Public Deposits

The Public Deposit Protection Commission (PDPC) is comprised of the State Treasurer, Governor, and Lieutenant Governor. The PDPC makes and enforces regulations and administers a program to ensure public funds deposited in banks and thrifts are protected if a financial institution becomes insolvent.


Deposit Insurance For Washington Banks & Credit Unions

DFI wants to assure depositors that most deposits in Washington state chartered banks and credit unions are insured up to $250,000.

Banks and credit unions doing business in Washington State have federal deposit insurance through the Federal Deposit Insurance Corporation (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions. The NCUA's deposit insurance is called the National Credit Union Share Insurance Fund (NCUSIF).


Information For The Media

Media Contacts

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DFI