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
- East West Bank will assume all deposits of Washington First International Bank, excluding certain brokered deposits.
- Depositors of Washington First International Bank will automatically become depositors of East West Bank.
- The International District Branch will reopen Saturday and all other locations will open Monday, June 14, 2010 as East West Bank branches.
- Throughout the weekend, depositors of Washington First International 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.
Resources For Washington First International Customers
East West Bank Web Site
Information about East West Bank.
Washington First International Bank
Q&A Guide From The FDIC
Answers to FAQs about the closure of Washington First International Bank from the FDIC.
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
Lyn Peters, Director of Communications
PH (360) 902-8731 firstname.lastname@example.org
- Brad Williamson, DFI Director, DFI
Division of Banks
PH (360) 902-8704 email@example.com
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