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
-
If you have more than $250,000 in your interest-bearing
account, or if the total of your related interest-bearing accounts
exceeds $250,000 - Contact the FDIC
If you have more than $250,000 in your interest-bearing account, or if the total of your related interest-bearing accounts exceeds $250,000, your accounts may require review by an FDIC Claim Agent. You should call the FDIC to schedule a telephone appointment with an FDIC claim Agent at 1-800-822-9247.
Beginning Monday, January 19, 2009, depositors of Bank of Clark County with more than $250,000 at the bank may visit the FDIC's Web page, "Is My Account Fully Insured?" to determine their insurance coverage.
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If your deposits DO NOT exceed $250,000, or if your deposits are
in a non-interest bearing transaction account(s)
If the balance in your interest bearing account(s) (this includes any accounts in which you have an ownership) is less than $250,000, or if your deposit is in a non-interest bearing transaction account(s), no action is required on your part at this time. Your insured account(s) will be transferred to Umpqua Bank and will be available for business as usual during regular business hours.
More Information For Bank Of Clark Customers
- Q & A Guide from the FDIC Regarding Bank of Clark County
A comprehensive question and answer guide for Bank of Clark County customers.
- Information from DFI About Deposit Insurance
Information from DFI about deposit insurance coverage for Washington banks and credit unions. - What Happens When A Bank Fails? Information From The FDIC
Information from the FDIC about what happens when a bank fails.
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.
Information For The Media
Media Contacts
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Lyn Peters, Director of Communications
PH (360) 902-8731 lpeters@dfi.wa.gov -
Brad Williamson, DFI Director, DFI Division of Banks
PH (360) 902-8704 banks@dfi.wa.gov -
LaJuan Williams-Dickerson, FDIC Office of Public Affairs (Washington, D.C.)
PH 202-898-3876, Lwilliams-dickerson@fdic.gov
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