February 13, 2009 – 5:03 pm

The FDIC has closed Pinnacle Bank, Beaverton, Oregon, making it the unlucky number 13 FDIC victim this year.

Bank regulators closed Pinnacle Bank of Beaverton, Oregon on Friday, the 13th U.S. bank to fail this year.

The Federal Deposit Insurance Corp said Pinnacle Bank had $73 million in assets and $64 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $12.1 million.

Washington Trust Bank of Spokane, Washington agreed to assume the insured deposits of Pinnacle Bank, whose sole branch will reopen on Tuesday as a branch of Washington Trust Bank.

 For more information, see the FDIC webpage.


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