Heritage Bank of Olympia takes over the failed Cowlitz Bank of Longview; Heritage signals growth strategy
Another troubled Washington bank has fallen while another strongly managed state bank has signaled its plans to grow along the I-5 corridor.
The Washington Department of Financial Institutions closed Longview-based Cowlitz Bank Friday afternoon citing inadequate capital and severe loan losses.
Following the closure, the agency immediately named the Federal Deposit Insurance Corporation as receiver of the bank. The FDIC immediately announced that it had entered into a purchase and assumption agreement with Olympia-based Heritage Bank.
Heritage Bank will assume all deposits and certain assets of Cowlitz Bank.
Established in 1977 and based in Longivew, Cowlitz Bank had four local …