Washington State Department of Financial Institutions

First Citizens Bank & Trust Company Of Raleigh, NC Purchases Venture Bank

On Friday, September 11, 2009, the Washington Department of Financial Institutions (DFI) closed Venture Bank today, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Venture Bank.

The FDIC immediately entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company of Raleigh, N.C. First-Citizens Bank & Trust Company will assume all deposits and assets of Venture Bank, except brokered deposits, which will be paid out by the FDIC.

Information For Venture Bank Customers

Resources For Venture Bank Customers

Public Deposits

Washington State Treasurer James McIntire noted there would be no interruption in local governments’ access to their accounts.

“Venture had more than $57 million in state and local government deposits – a fact that underscores the importance of the Public Deposit Protection reforms my office lead this year,” McIntire said. “As unfortunate as it is to see a local financial institution fail, it is comforting to know that safeguards now in place helped facilitate a smooth transition to new ownership with First-Citizens Bank & Trust Company.”

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).

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