Rainier Pacific Bank closed by regulators

[TacticalPeek]

Source: Seattle Times


Regulators closed Rainier Pacific Bank of Tacoma Friday evening, making it the fourth Washington-based bank to fail so far this year.

Umpqua Bank of Roseburg, Ore., will take over most of its deposits and assets.

Rainier Pacific was one of just two U.S. banks shut down Friday, the traditional day for bank closures. The pace of closures has slowed lately: After 15 institutions around the country were shuttered in January, just seven banks have failed this month.

The other bank closed Friday was Carson River Community Bank of Reno.

Read more: http://seattletimes.nwsource.com/html/businesstechnology/2011203675_bankclosure27.html

[quiller4]

1. I found that curious since the bank wasn't "failing" by conventional measurement.