Failed Bank Report: Claim FDIC Insured Accounts at Failed Banks

Horizon Bank - Bellingham, WA

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January 8, 2010: Horizon Bank, Bellingham, WA was closed by the Washington State Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver, and entered into a purchase and assumption agreement with Washington Federal Savings and Loan Association, Seattle, Washington, to assume all of the deposits of Horizon Bank.

Assets & Deposits: As of September 30, 2009, Horizon Bank had approximately $1.3 billion in total assets and $1.1 billion in total deposits.

Successor Bank: All deposit accounts, excluding certain brokered deposits, have been transferred to Washington Federal Savings and Loan Association, Seattle, WA, and are available immediately. On January 9, 2010, the 18 former Horizon Bank locations reopened as branches of Washington Federal Savings and Loan Association.

Washington Federal Savings and Loan Association
425 Pike Street
Seattle, WA 98101
800 324 9375
http://www.washingtonfederal.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at Washington Federal Savings and Loan Association for six months after the failure of Horizon Bank.

Interest: All interest accrued through Friday, January 8, 2010, will be paid at your same rate; however Washington Federal Savings and Loan Association 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 Horizon 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 $539.1 million.

Washington Federal Savings and Loan Association did not pay the FDIC a premium to assume all the deposits the Horizon Bank. In addition to assuming all of the deposits of the failed bank, Washington Federal Savings and Loan Association agreed to purchase essentially all of the assets of the failed bank. The FDIC and Washington Federal Savings and Loan Association entered into a loss-share transaction on approximately $1.0 billion of Horizon 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
 
 
 
 
Horizon Bank
1500 Cornwall Avenue
Bellingham, WA 98225
 

Established on 11/9/1979
as
Horizon Mutual Savings Bank
 

Assets: $1.3 billion
Deposits: $1.1 billion
 
 
Cost to FDIC: $ 539 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.

11/09/1979 - Established as Horizon Mutual Savings Bank
08/19/1986 - Changed name to Horizon Bank
06/19/1999 Acquired Bank Of Bellingham


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: Missing or Unclaimed Account Search


Depositor Claims: For additional information and assistance on the Horizon Bank receivership contact the FDIC at: 1-800-430-6165; or go to: http://www.fdic.gov/bank/individual/failed/horizon-wa.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 Horizon Bank and have not received a notice, please contact:

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


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