Pinnacle Bank of Oregon
Who: Pinnacle Bank of Oregon
What: 13th bank failure of 2009 (Feb. 13, 2009)
Where: Beaverton, Oregon
Why: Extremely low ratio of capital to assets.
Fast Facts: Washington Trust Bank of Spokane, Washington assumed all deposits from Pinnacle Bank of Oregon; December 31, 2008, Pinnacle Bank had total assets of approximately $73 million and total deposits of $64 million. Pinnacle Bank is the thirteenth FDIC-insured institution to fail in the nation this year, and the first in Oregon since Far West, Federal Savings Bank, Portland, was closed on May 23, 1991.
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