On Friday, Westside Community Bank, based in University Place, Wash., was shuttered by federal regulators.
Sunwest Bank, based in Irvine, Calif., has agreed to purchase Westside Community Bank’s $97.7 million in total assets and assume its $96.5 million in total deposits. The two branches of Westside Community Bank has opened as Sunwest Bank on Monday.
Westside Community Bank is the first bank to fail this year (its high Texas Ratio was a sign that failure was imminent).
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