Sunwest Bank Purchases Westside Community Bank
On Friday, January 11, 2013, the Washington Department of Financial Institutions (DFI) closed Westside Community Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Westside Community Bank.
The FDIC immediately entered into a purchase and assumption agreement with Sunwest Bank, headquartered in Irvine, California. Sunwest Bank will assume all deposits and assets of Westside Community Bank.
Information for Westside Community Bank Customers
- Sunwest Bank will assume all deposits and certain assets of Westside Community Bank
- Depositors of Westside Community Bank will automatically become depositors of Sunwest Bank.
- Westside Community Bank's two locations will reopen Monday as branches of Sunwest bank.
- Throughout the weekend, depositors of Westside Community 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 Westside Community Bank Customers
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Westside Community Bank Closure Information from the FDIC
Information for customers from the Federal Deposit Insurance Corporation (FDIC). -
Sunwest Bank Web Site
Website for Sunwest bank. -
When a Bank Fails - The Facts
Facts from the FDIC for depositors, borrowers, and creditors.
Deposit Insurance for Washington Banks and 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 -
Richard Riccobono, Director, DFI Division of Banks
PH (360) 902-8704 banks@dfi.wa.gov
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