Yesterday, Venture Bank, headquartered in Lacy, Washington, was closed by the Washington Department of Financial Institutions and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, headquartered in Raleigh, North Carolina, to assume all the deposits of Venture Bank.

As of July 28, 2009, Venture Bank had total assets of $970 million and total deposits of approximately $903 million. First Citizens also agreed to purchase approximately $874 million of the failed bank’s assets, with the FDIC retaining the remaining assets for later disposition.

The FDIC estimates the cost to the Deposit Insurance Fund will be $298 million. Venture Bank is the 92nd bank to fail in the nation this year and the 3rd in Washington.