Washington State Department of Financial Institutions

DFI Closes Bank Of Clark County
Umpqua Bank Acquires FDIC Insured Deposits 

On Friday, January 16, 2009, the Washington Department of Financial Institutions (DFI) closed Bank of Clark County, citing inadequate capital and liquidity. View press release from DFI.

“It is regrettable to have to take such actions, but DFI did so to ensure the soundness and stability of banking in Washington State,” DFI Director of Banks Brad Williamson said. “This unfortunate event is the result of a combination of significant deterioration in loan portfolios and the overall economic instability we are experiencing today in our country.”

Immediately following the closure, the Federal Deposit Insurance Corporation (FDIC) took receivership. The FDIC entered into a purchase and assumption agreement with Umpqua Bank of Roseburg, Oregon.

All insured deposit accounts at Bank of Clark County are being transferred to Umpqua Bank.

Information For Bank Of Clark County Customers

All insured deposits at Bank of Clark County are being transferred to Umpqua Bank. Bank of Clark County will reopen on Tuesday, January 20, 2009, as Umpqua Bank.

Throughout this holiday weekend, insured depositors of Bank of Clark County 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 as usual.

Q&A Guide For Bank Of Clark County Customers

Bank of Clark County customers are encouraged to read the Q & A Guide from the FDIC.

Deposit Insurance

More Information For Bank Of Clark Customers

Information For Local Governments With Money Deposited At Bank Of Clark County

Local governments with money deposited at Bank of Clark County will be made whole so public money will not be lost.

Deposits of public money that are not fully covered under federal deposit insurance are protected by Washington State's Public Deposit Protection Act.

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).

On October 03, 2008 President Bush signed into law the emergency Economic Stabilization Act of 2008 which temporary raises the insurance limits from $100,000 per account to $250,000 until December 31, 2009.

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