Columbia State Bank Purchases Bank of Whitman
On Friday, August 5, 2011, the Washington Department of Financial Institutions (DFI) closed the Bank of Whitman, citing critically insufficient capital to allow the bank to continue operations. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of the Bank of Whitman.
The FDIC immediately entered into a purchase and assumption agreement with Columbia State Bank headquartered in Tacoma, Wash. Columbia State Bank (doing business as Columbia Bank) will assume Bank of Whitman in an All Deposit, Modified Whole Bank purchase without a Shared-Loss Agreement.
Information For Bank of Whitman Customers
Columbia Bank will retain eight of the existing 20 branches operated by the Bank of Whitman as part of the Agreement. While all depositor accounts are being transferred to Columbia Bank, the physical facilities of the remaining 12 branches will not be maintained after the closing.
- Depositors of the Bank of Whitman will automatically become depositors of Columbia Bank.
- Throughout the weekend, depositors of Bank of Whitman can access their funds by writing checks or using ATM or debit cards.
- Checks drawn on the bank will continue to be processed.
- Loan customers should continue to make their payments.
- All customers will be notified their accounts have been transferred to Columbia State Bank.
- All closed branches of the Bank of Whitman will have notices posted that their deposits have been transferred to a branch of Columbia State Bank.
- FDIC representatives will be at all closed branches through the middle of next week.
- The FDIC will have a presence at the closed branches for at least 21 days for customers with safe deposit boxes to obtain the contents.
- The FDIC will make available Spanish speaking individuals to answer questions from Spanish speaking customers.
- The FDIC also intends to contact local merchants and inform them that checks drawn on Bank of Whitman are good.
Resources For Bank of Whitman Customers
Listing of Branch Closures and Nearest Banking Services
Also available En Español.
Columbia Bank Web Site
Information about Columbia Bank.
Information From The FDIC
Answers to FAQs about the closure of Bank of Whitman from the FDIC.
The Public Deposit Protection Commission (PDPC) is comprised of the State Treasurer, Governor, and Lieutenant Governor. The PDPC makes and enforces regulations and administers a program to ensure public funds deposited in banks and thrifts are protected if a financial institution becomes insolvent.
Deposit Insurance For Washington Banks & Credit Unions
DFI wants to assure depositors that most deposits in Washington state chartered banks and credit unions are insured up to $250,000.
Banks and credit unions doing business in Washington State have federal deposit insurance through the Federal Deposit Insurance Corporation (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions. The NCUA's deposit insurance is called the National Credit Union Share Insurance Fund (NCUSIF).
Information For The Media
Lyn Peters, Director of Communications
PH (360) 902-8731 email@example.com
- Richard M. Riccobono, Director, DFI Division of Banks
PH (360) 902-8704 firstname.lastname@example.org
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