Failed Bank List

Closed Friday, September 11, 2009 · Lacey, Thurston County, Washington

Venture Bank

In the three years to the second quarter of 2008, Venture Bank's assets grew 106%. Equity capital was below zero at its last report. First-Citizens Bank & Trust Company took over twelve failed banks after 2000, this one among them.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$400M$800M$1.2B$1.6B2002200320042005200620072008Closed
Total assets peaked at $1.2 billion and were 21% lower at the final report. Equity capital had covered 10% of assets in the third quarter of 2001. By then 17% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $84.5 million, was booked in 2008.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$100M−$100M2001: $4.5 million200111%2002: $6.8 million200211%2003: $9.7 million200312%2004: $12.6 million200413%2005: $10.1 million200513%2006: $12.6 million200611%2007: $12.6 million20079.2%2008: −$84.5 million20082.2%2009: −$22.7 million2009*neg.
* 2009: January to June only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Venture Bank in red.

By assets it ranked 29th of the 140 failures in 2009. Within Washington it ranks fifth by size of the 27 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. Ranked by estimated loss, it is 194th of 2,944 failures since 1934. In the size ranking of that year, just above it was Omni National Bank of Atlanta, Georgia ($980 million, loss 29% of assets); just below, Cooperative Bank of Wilmington, North Carolina ($967 million, loss 30% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was Corus Bank, N.A. of Chicago, Illinois, at $7.0 billion.

Failures in Washington

Venture Bank was one of three banks in Washington to fail in 2009. The previous failure there was Westsound Bank of Bremerton, on May 8, 2009. The next was Horizon Bank of Bellingham, on January 8, 2010. No other failed bank in the FDIC's records was based in Thurston County.

Bank failures in Washington per year, 1980 to 20260369121985: 11986: 11988: 11989: 11990: 11991: 11993: 12009: 32010: 112011: 32013: 12015: 119801990200020102020
Per year since 1980, 2009 in red. Every Washington failure

The acquiring bank

First-Citizens Bank & Trust Company of Raleigh, North Carolina took over twelve failed banks between 2000 and 2026. The others:

All 12 banks it took over.

  • Temecula Valley BankTemecula, CA · July 17, 2009
  • First Regional BankLos Angeles, CA · January 29, 2010
  • Sun American BankBoca Raton, FL · March 5, 2010
  • United Western BankDenver, CO · January 21, 2011
  • Colorado Capital BankCastle Rock, CO · July 8, 2011
  • Capitol City Bank & Trust CompanyAtlanta, GA · February 13, 2015
  • North Milwaukee State BankMilwaukee, WI · March 11, 2016
  • First CornerStone BankKing of Prussia, PA · May 6, 2016
  • Harvest Community BankPennsville, NJ · January 13, 2017
  • Guaranty Bank, (d/b/a BestBank in Georgia & Michigan)Milwaukee, WI · May 5, 2017

FDIC certificate 22868 · loss estimate as of July 31, 2026 · How to read this page