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January 11, 2010

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Another US bank shuttered

UNITED States regulators have closed Horizon Bank of Bellingham, Washington, kicking off what has been forecast as a peak year for small bank failures.

The Federal Deposit Insurance Corp said last Friday Horizon Bank had approximately US$1.3 billion in assets and US$1.1 billion in deposits as of September 30.

Friday's bank failure is expected to cost the FDIC's insurance fund a total of US$539.1 million.

The 18 branches of Horizon Bank has reopened during their normal business hours since Saturday as branches of Washington Federal Savings and Loan Association and deposits will continue to be insured by the FDIC.

Community banks are facing persistent pressure from deteriorating loans.


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