Washington State Department of Financial Institutions

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.

List of branch closures and nearest Columbia Bank services by town.

Lista de sucursales de Bank of Whitman que van a cerrar y bancos más cercanos

Resources For Bank of Whitman Customers

Public Deposits

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

Media Contacts

* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.