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									FOR IMMEDIATE RELEASE FROM
THE WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS

Friday, June 11, 2010
CONTACT: Lyn Peters, DFI Director of Communications
                     PH 360.902.8731, lyn.peters@dfi.wa.gov
              Brad Williamson, DFI Director, DFI Division of Banks
                     PH 360.902.8704, banks@dfi.wa.gov

EAST WEST BANK OF PASADENA, CALIF. PURCHASES WASHINGTON
FIRST INTERNATIONAL BANK AFTER CLOSURE BY WASHINGTON DFI

OLYMPIA – The Washington Department of Financial Institutions (DFI) closed Washington First
International Bank today, citing inadequate capital and severe loan losses. Immediately following the
closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Washington
First International Bank.

The FDIC immediately entered into a purchase and assumption agreement with East West Bank
headquartered in Pasadena, Calif. East West Bank will assume all deposits and certain assets of
Washington First International Bank, except certain brokered deposits, which will be paid out by the
FDIC.

“Washington First International Bank’s capital has been depleted by large loan losses associated with
land development and construction lending,” Brad Williamson, Director of DFI’s Division of Banks
explained. “The bank’s management unsuccessfully attempted to raise capital and recent loan losses
depleted the bank’s capital, bringing about today’s closure.”

“The failure of Washington First International Bank is an unfortunate example of the severe
consequences these exceptionally challenging economic times bring for our financial institutions that
have been heavily committed to commercial real estate land acquisition and construction lending,”
DFI Director Scott Jarvis said.

Washington First International Bank, headquartered in Seattle, has four branches located in King
County. All will be assumed by East West Bank. The International District Branch will reopen Saturday
and all other locations will open Monday as East West Bank branches.

Throughout the weekend and transition, Washington First International Bank customers can access
their funds by writing checks or using ATM or debit cards. Checks will continue to be processed. Loan
customers should continue to make their payments as usual. Online services also will remain
available.

As of March 31, 2010, Washington First International Bank had total assets of $520,887,000 and total
deposits of $441,362,000.

Washington First International Bank customers seeking more information about the closure should
visit www.dfi.wa.gov/banks/wafirst.htm or www.fdic.gov or http://www.wfib.com/.

For more information about deposit insurance for Washington banks and credit unions, visit
www.dfi.wa.gov/consumers/deposits.htm. For details about FDIC coverage and requirements, visit
www.fdic.gov or call toll-free 1.877.ASK.FDIC.

DFI also offers answers to frequently asked questions for bank business loan customers in turbulent
times at http://dfi.wa.gov/banks/business-loan-faqs.htm.
                                                ###

About Division of Banks www.dfi.wa.gov/banks ▪ 360.902.8704 ▪ 877.RINGDFI (746.4334) x 28704
The Washington State Department of Financial Institutions Division of Banks regulates 85 Washington
State-chartered commercial banks, stock savings banks, mutual savings banks, foreign banks,
savings and loan associations and independent trust companies. We charter new banks, business
development corporations, trust companies, foreign banks and savings and loan associations. Also,
we authorize new branches and branch closures; and approve mergers and acquisitions. Learn more
about the Division of Banks.

About DFI www.dfi.wa.gov ▪ 360.902.8700 ▪ 877.RINGDFI (746.4334)
The Washington State Department of Financial Institutions regulates a variety of financial service
providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders
and securities brokers and dealers. The department also works to improve financial education
throughout Washington through its outreach programs and online clearinghouse
www.dfi.wa.gov/financial-education. In addition to posting information about licensees and
administrative actions, DFI uses the Web and social media to provide financial education information:
www.twitter.com/FinEd4All www.twitter.com/DFIConsumers www.finlit.blogspot.com
www.youtube.com/user/WADFI http://www.facebook.com/pages/Olympia-WA/State-of-Washington-
Department-of-Financial-Institutions/11404931983 www.homeownership.wa.gov

								
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