by Calculated Risk on 10/01/2010 09:14:00 PM

Surging sea of debt
Shoreline swiftly eroded
Solvency soon sunk
by Soylent Green is People
From the FDIC: GBC International Bank, Los Angeles, California, Assumes All of the Deposits of Shoreline Bank, Shoreline, Washington

As of June 30, 2010, Shoreline Bank had approximately $104.2 million in total assets and $100.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.4 million. ... Shoreline Bank is the 129th FDIC-insured institution to fail in the nation this year, and the tenth in Washington.

Two down today ...