FDIC closes Columbia River Bank

23 Jan

Federal regulators have take over assets of the once-thriving Gorge financial institution, Columbia River Bank. Based in The Dalles and with a major branch in Hood River, the bank has been on the ropes for more than a year and was operating under Federal Deposit Insurance Corp. guidance to boost cash reserves. Assets will assumed by Columbia State Bank of Tacoma, Wash.

Columbia River Bank skated out on thin ice along with dozens of other lenders during the euphoric funny-money days of the real estate boom during the middle part of the last decade. Some if its ill-advised lending was chronicled in this story about Desert Sun, a central Oregon housing developer, by The Oregonian. Deposits up to $250,000 are protected.

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