Washington Federal Purchases Horizon Bank
On Friday, January 08, 2010, the Washington Department of Financial Institutions (DFI) closed Horizon Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Horizon Bank.
The FDIC immediately entered into a purchase and assumption agreement with Washington Federal. Washington Federal will assume all deposits and assets of Horizon Bank, excluding certain brokered deposits.
Information For Horizon Bank Customers
- Washington Federal will assume all deposits of Horizon Bank, excluding certain brokered deposits.
- Depositors of Horizon Bank will automatically become depositors of Washington Federal.
- Horizon branches normally open Saturday will reopen Saturday and will operate as normal as Washington Federal.
- Throughout the weekend, depositors of Horizon Bank can access their funds by writing checks or using ATM or debit cards.
- Checks drawn on the bank will continue to be processed.
- Loan customers should continue to make their payments as usual.
- Horizon's main office and all of Horizon’s 18 branches will reopen Monday under new ownership with Washington Federal.
Resources For Horizon Bank Customers
-
Washington Federal Web Site
Information about Washington Federal. -
Horizon Bank Q&A Guide From The FDIC
Answers to FAQs about the closure of Horizon Bank from the FDIC.
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
-
Lyn Peters, Director of Communications
PH (360) 902-8731 lyn.peters@dfi.wa.gov - Brad Williamson, DFI Director, DFI Division of Banks
PH (360) 902-8704 banks@dfi.wa.gov
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