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.
