A bank and a credit union became the first financial institutions closed by federal regulators. Washington state based Horizon Bank founded in 1922 which the bank survive the Great Depression only to collapse during the Great Recession. Horizon based in Bellingham and it’s 18 branches all in Washington state have sold by federal regulators to Washington Federal Savings Bank based in Seattle.
Horizon Bank will reopen on Monday as branches of Washington Federal.
The National Credit Union Administration has closed Bakersfield based Kern Central Credit Union. The credit union three branches closed on Friday. Kern Central sold to Self-Help Federal Credit Union. Kern Central will open as branches of Community Trust Credit Union a division of Self-Help.
h/t:Wall Street Journal (Subscription required)