FDIC closes Pinnacle Bank in Beaverton

Pinnacle Bank becomes first bank closed in Oregon since 1991.

Salem-News.com

(Salem) - On Friday February 13^th Pinnacle Bank of Beaverton became the first Oregon bank to be closed since 1991 and the 13^th bank to be close this year.

Washington Trust Bank of Spokane, Washington will assume all of the deposits.

As of December 31, 2008, Pinnacle Bank had total assets of approximately $73 million and total deposits of $64 million. In addition to assuming all of the deposits of the failed bank, including those from brokers, Washington Trust Bank agreed to purchase approximately $72 million in assets at a discount of $7.6 million. The FDIC will retain the remaining assets for later disposition.

Pinnacle Bank's one branch at 8880 SW Nimbus Ave Beaverton, OR 97008 will reopen Tuesday February 17th as a branch of Washington Trust Bank.