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
- Columbia Bank will assume all deposits of Summit Bank, except certain brokered deposits.
- Depositors of Summit Bank will automatically become depositors of Columbia Bank.
- Summit Bank branches will reopen on Monday as branches of Columbia Bank.
- Throughout the weekend, depositors of Summit 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.
Resources For Summit 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 Summit 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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