Financial Services
Venture bank closes
By Seattle Business Magazine October 21, 2009
Venture Bank, a Lacey bank hampered by losses from real estate investments and stock in collateralized debt offerings, has been closed by regulators and its deposits turned over to First-Citizens Bank & Trust, headquartered in Raleigh, N.C. The bank’s 18 branches have reopened under its new owner’s name. Venture Bank is the third in Washington…
Venture Bank, a Lacey bank hampered by losses from real estate investments and stock in collateralized debt offerings, has been closed by regulators and its deposits turned over to First-Citizens Bank & Trust, headquartered in Raleigh, N.C. The bank’s 18 branches have reopened under its new owner’s name. Venture Bank is the third in Washington to fail this year.