Washington State Department of Financial Institutions

Heritage Bank Purchases Pierce Commercial Bank

On Friday, November 05, 2010, the Washington Department of Financial Institutions (DFI) closed Pierce Commercial Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Pierce Commercial Bank.

The FDIC immediately entered into a purchase and assumption agreement with Heritage Bank headquartered in Olympia, Wash. Heritage Bank will assume all of the deposits and assets of Pierce Commercial Bank.


Information For Pierce Commercial Bank Customers

Resources For Pierce Commercial Bank 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.

DFI