Regulators have shut Horizon Bank in Bellingham, Wash., the first for the year, as the economy struggles.

The Federal Deposit Insurance Corp. says Friday that Seattle-based Washington Federal Savings and Loan Association has agreed to assume the deposits of Horizon Bank.

As of Sept. 30, Horizon Bank had assets of $1.3 billion and $1.1 billion in deposits.

The FDIC closed 140 banks last year.