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
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.
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
1400 Washington Street, Suite 200
Vancouver, WA 98660
|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:
Deposit Insurance Corporation
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
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|