Washington State Department of Financial Institutions

Columbia State Bank Purchases Summit Bank

On Friday, May 20, 2011, the Washington Department of Financial Institutions (DFI) closed Summit Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Summit 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, except approximately $2 million in brokered deposits and all assets of Summit Bank.

Information For Summit Bank Customers

Resources For Summit 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

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