Regulators Shut Washington State Bank, First of Year

NEWYou can now listen to Fox News articles!

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.