Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Bank of Clark County - Vancouver, WA

Bank of Clark County - Unclaimed bank account search

Bank of Clark County - missing bank account search

lost bank account search - Bank of Clark County

January 16, 2009: Bank of Clark County, Vancouver, WA was closed by the Washington Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of January 13, 2009, Bank of Clark County had assets of $446.5 million and deposits of $366.5 million.

The FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits. In addition, Umpqua will purchase $30.4 million in assets comprised of cash, cash equivalents, marketable securities and loans secured by deposits. The FDIC will retain the remaining assets for later disposition.

All insured, non-brokered deposit accounts have been transferred to Umpqua and are immediately available. On January 20, 2009, former Bank of Clark County locations reopened as branches of Umpqua Bank. Umpqua will not assume the approximately $117.8 million in brokered deposits, the FDIC will pay the brokers directly for the amount of their insured funds.

Umpqua Bank
445 S.E. Main Street
Roseburg, OR 97470
866-486-7782
http://www.umpquabank.com

Principal and interest on insured accounts, through January 16, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000. All interest accrued through Friday, January 16, 2009, will be paid at your same rate. Umpqua will be reviewing rates.

All interest bearing accounts that exceed the $250,000 insurance limit, are reviewed by the FDIC to determine ownership and insurance coverage. At the time of closing, there were approximately $39.3 million in uninsured deposits held in 138 accounts that potentially exceeded the insurance limits. Customers with accounts in excess of $250,000 should contact the FDIC toll free at 1-800-822-9247 to discuss their deposits.

The FDIC estimates the cost to its Deposit Insurance Fund will be between $120 and $145 million.

For additional information and assistance contact the FDIC at: 800-568-9161 or 800-822-9247; or go to: http://www.fdic.gov/bank/individual/failed/clark.html

2009 FDIC Insured Failed Banks
 
 
 
 
Bank of Clark County
1400 Washington Street, Suite 200
Vancouver, WA 98660
http://www.bocc.com
 

Established on 2/8/1999 as
Bank of Clark County
 

Assets: $447 million
Deposits: $367 million
 
 
Cost to FDIC: $120 - 145 million

 

 
 

Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Bank of Clark County and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Bank of Clark County
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201
800-568-9161


Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search


History: Established on 2/8/1999 as Bank of Clark County


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