Summit Bank
Burlington, WA · Owner: Summit Banking Co
$143M
total assets, March 31, 2011
$143M
total assets, March 31, 2011
Summit Bank was a state nonmember bank in Burlington, WA, owned by Summit Banking Co. It failed on May 20, 2011, and Columbia State Bank took over its deposits. At its last report it held $142.7 million in assets.
Updated Oct 11, 2026 · numbers as of March 31, 2011
This bank failed
- Failed on
- May 20, 2011
- Assets
- $143M
- Deposits
- $132M
- Estimated cost
- $24.2M
- Deposits went to
- Columbia State Bank, Tacoma, WA
Total assets
$143M
-7.2% in a year · -2.6% in a quarter
Deposits
$132M
+1.0% in a year · -0.3% in a quarter
Loans
$109M
-11.4% in a year · -5.0% in a quarter
Profit so far
-$3.5M
Jan 1 to Mar 31, 2011 · -4165.1% in a year
Capital ratio
1.68%
-7.69 pts in a year
Return on assets
-9.67%
-9.89 pts in a year
Facts
- Type
- State nonmember bank
- Head office
- 723 Haggen Drive, Burlington, WA, 98233
- County
- Skagit
- Holding company
- Summit Banking Co
- Established
- Jan 1, 1914
- Failed
- May 20, 2011
- Employees
- 34
- Branches
- 3
- Id
- b513
Quarter by quarter
March 31, 1984 to March 31, 2011
Assets, deposits and loans
Each quarter end, US dollars
Profit by quarter
Net income of each quarter, the last 12
Ratios
Percent. Return on assets and net interest margin are yearly rates.
Related pages
Questions and answers
How big is Summit Bank?
$142.7 million in total assets and $131.6 million in deposits as of March 31, 2011, with assets down 7.2% from a year before. Its loans were $109.0 million.
How many branches does Summit Bank have?
3 branches in Washington as of June 30, 2026.
Is Summit Bank profitable?
No: it lost $3.50 million from January 1 to March 31, 2011. Its return on assets was -9.67% a year; about 1% is typical.
Who owns Summit Bank?
Summit Bank is owned by Summit Banking Co, its holding company.
When did Summit Bank fail?
May 20, 2011. Columbia State Bank of Tacoma, WA took over its deposits. The estimated cost of the failure was $24.2 million.
Official public data from the reports every insured bank files each quarter. Profit so far runs from January 1 to the quarter end. Branch deposits are counted once a year, as of June 30. New quarters appear about two months after the quarter ends.