Columbia State Bank Purchases First Heritage Bank
On Friday, May 27, 2011, the Washington Department of Financial Institutions (DFI) closed First Heritage Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of First Heritage Bank.
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 all of the deposits and assets of First Heritage Bank.
Information For First Heritage Bank Customers
- Columbia Bank will assume all deposits of First Heritage Bank.
- Depositors of First Heritage Bank will automatically become depositors of Columbia Bank.
- First Heritage Bank branches will reopen on Tuesday as branches of Columbia Bank.
- Throughout the weekend and Memorial Day, depositors of First Heritage Bank 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.
- Customers with questions about the transaction should call the FDIC toll-free at 1-800-815-0286.
The phone number will be operational Friday, May 27, 2011 until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday, May 28, 2011, from 9:00 a.m. to 6:00 p.m., PDT; on Sunday, May 29, 2011, from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT.
Resources For First Heritage Bank Customers
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Columbia Bank Web Site
Information about Columbia Bank. -
Information From The FDIC
Answers to FAQs about the closure of First Heritage Bank from the FDIC.
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
-
Lyn Peters, Director of Communications
PH (360) 902-8731 lyn.peters@dfi.wa.gov - Gloria McVey, Acting Director, DFI Division of Banks
PH (360) 902-8704 banks@dfi.wa.gov
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