Failed Bank Friday - Horizon first bank to fail in 2010 (1/2 Billion cost))

Failed bank list: www.fdic.gov...

Horizon Bank, Bellingham, Wa

www.fdic.gov...

...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $539.1 million. Washington Federal Savings and Loan Association's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Horizon Bank is the first FDIC-insured institution to fail in the nation this year, and the first in Washington. The last FDIC-insured institution closed in the state was Venture Bank, Lacey, on September 11, 2009.
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Last year the total estimated cost to the FDIC for bank failures was $36,437,000,000 (36.4 Billion).