Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

City Bank, Lynnwood - WA

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City Bank closes



lost bank account search at City Bank

April 16, 2010: City Bank, Lynnwood, WA was closed by the Washington Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of December 31, 2009, City Bank had approximately $1.13 billion in total assets and $1.02 billion in total deposits.

Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Whidbey Island Bank, Coupeville, WA. The eight branches of City Bank reopened as branches of Whidbey Island Bank.

Whidbey Island Bank
401 N. Main
Coupeville, WA 98239
http://www.wibank.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at Whidbey Island Bank for six months after the failure of City Bank.

Interest: All interest accrued through Friday, April 16, 2010 will be paid at your same rate.  Whidbey Island Bank will be reviewing rates.

Checks, Loans, Interest and Automated Transactions: Checks will be processed as usual. Automatic direct deposits and withdrawals will be transferred to your new bank. If you had a loan with City Bank you should continue to make your payments as usual. 

Cost to FDIC: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $323.4 million.

Whidbey Island Bank paid the FDIC a premium of 1.0 percent to assume all of the deposits of City Bank. In addition to assuming all of the deposits, Whidbey Island Bank agreed to purchase approximately $704.1 million of the failed bank's assets. The FDIC and Whidbey Island Bank entered into a loss-share transaction on $455.6 million of City Bank's assets

Note: ► Depositors must establish contact with the successor bank or the FDIC, when there is no successor, to reclaim their deposits. Failure to do so could ultimately result in a loss of insured funds. ► The interest rate paid by your former bank is subject to immediate change. ► Transferred deposits are separately insured for only 6 months after the date of transfer. ► Beneficial owners of fiduciary accounts (including UTMA, IOLTA and brokered CDs) should contact their brokers immediately to ensure proper claims procedures are followed. ► Safe deposit boxes should be promptly claimed.

2009 FDIC Insured Failed Banks
 
 
 
 
City Bank
14807 Hwy 99
Lynnwood, WA 98087
 

Established on 4/15/1974
as
City Bank
 

Assets: $1.1 billion
Deposits: $1.0 billion
 
 
Cost to FDIC: $323 million

 

 
 

History: You may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

04/15/1974 - City Bank
11/01/1976 - Acquired Evergreen State Bank - Seattle, Washington


Depositor Alert

Unclaimed FDIC Insured Deposits

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

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Lost Funds Search


Depositor Claims: For additional information and assistance on the City Bank receivership contact the FDIC at: 1-800-881-7816; or go to: http://www.fdic.gov/bank/individual/failed/citybank.html

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 City Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: City Bank
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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