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FDIC ends Tacoma’s Pierce Commercial Bank receivership

The Federal Deposit Insurance Corp. announced this week that it has terminated its receivership of Tacoma-based Pierce Commercial Bank, which failed nearly five years ago.

The Washington Department of Financial Institutions closed the bank in November 2010 and the FDIC was appointed as receiver. Pierce Commercial was the 11th bank in the state to fail in 2010, and the 142nd nationwide.

In announcing the 2010 closure, the FDIC announced Olympia-based Heritage Bank would assume all deposits in a “whole-bank transaction.”

The primary Pierce Commercial Bank location in Tacoma, at 1722 S. Union Ave., immediately became a Heritage branch. The Tacoma bank had reported deposits of $193.5 million in its most recent report to regulators.

C.R. Roberts: 253-597-8535

c.r.roberts@thenewstribune.com

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