The State Department of Financial Institutions announced tonight that it had closed Tacoma-based Rainier Pacific Financial Group, parent of the 14-branch Rainier Pacific Bank.
In a deal facilitated by the Federal Deposit Insurance Corp., the assets of the bank were assumed in a whole-bank transaction by Oregon-based Umpqua Holdings.
All branches will reopen at their regular hours under the Umpqua brand.
The failure of Rainier Pacific was not unexpected.
Rainier Pacific recently reported a fourth-quarter net loss of $26.5 million. which compares to a net loss of $14.1 million for the same quarter in 2008.
Much of the distress …