Last August, a worker cleans the windows of Horizon Bank for one of the last times.
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Our sleepy hamlet of Bellingham has earned the distinction of being home to the first bank failure of 2010. Horizon Bank was shut down by federal regulators on Friday after a prolonged struggle to raise capital after being catagorized as "significantly undercapitalized".
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Founded in 1922 as the Bellingham Savings and Loan Allocation, Horizon Bank had grown to one of the largest banking establishments in Whatcom County. The bank was also at the heart of a recent controversy over the bank's plans to finance and build a housing development on a parcel of land known as the 100 acre wood in the Chuckanut mountains.
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Click HERE for the story in the Bellingham Herald.
Clever title! Hope you are not directly effected!!
ReplyDeleteHow do you feel about all of this?
ReplyDeleteWhile I personally haven't been affected by Horizon's failure, I have loved ones who are. So... even though my finances are secure, my heart aches for those who have lost so much. And although Horizon has been vilified recently for controversial development issues, for many years before that it was a key supporter of much of our thriving arts scene in Bellingham. I'm afraid the consequences of the bank's failure will be felt deeply in our community.
ReplyDelete