WASHINGTON (Reuters) - Bank regulators closed Westsound Bank in Bremerton, Washington, on Friday, the 33rd U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp said Westsound Bank had $334.6 million in assets and $304.5 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $108 million.
Kitsap Bank, of Port Orchard, Washington, agreed to assume the insured deposits of Westsound Bank, whose nine branches will reopen on Monday as branches of Kitsap Bank.
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