Another bank goes under

Regulators closed Westbound Bank in Bremerton, Wash., making it the 33^rd to fail this year.

The Washington State Department of Financial Institutions shut down the bank and appointed the Federal Deposit Insurance Corp. as receiver. The FDIC arranged for Kitsap Bank, of Port Orchard, Wash., to take over Westbound's branches and most of its deposits.

The failed bank had $304.5 million in deposits and $334.6 million in total assets.

Kitsap Bank bought $49.3 million in Westbound's assets, consisting of cash, marketable securities and loans backed by deposits. The FDIC retained the remaining assets for later sale.

The FDIC estimated that the closing would cost its insurance fund $108 million.