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
- 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.
- Branches with Saturday drive-up services will operate as normal.
- Throughout the weekend, depositors of Venture 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.
- Venture Bank will reopen Monday under new ownership with First-Citizens Bank & Trust Company.
- Customers can call First-Citizens bank toll-free at 1.800.586.2351 between 7 a.m. and 8 p.m. Pacific time.
Resources For Venture Bank Customers
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First Citizens Bank
Information about First Citizens Bank. -
Q&A Guide from the FDIC
Information from the FDIC. -
Borrower's Guide To FDIC Insured Bank Failure
Information for the borrowers whose loans are acquired in the bank failure process. -
What Happens When A Bank Fails? Information From The FDIC
Information from the FDIC about what happens when a bank fails.
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).
Information For The Media
Media Contacts
-
Lyn Peters, Director of Communications
PH (360) 902-8731 lpeters@dfi.wa.gov - Brad Williamson, DFI Director, DFI Division of Banks
PH (360) 902-8704 banks@dfi.wa.gov
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