Washington State Department of Financial Institutions

East West Bank Purchases Washington First International Bank

On Friday, June 11, 2010, the Washington Department of Financial Institutions (DFI) closed Washington First International Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Washington First International Bank.

The FDIC immediately entered into a purchase and assumption agreement with East West Bank of Pasadena, California. East West Bank will assume all deposits and certain assets of Washington First International Bank, except certain brokered deposits, which will be paid out by the FDIC.

Information For Washington First International Bank Customers

Resources For Washington First International 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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