nt.com FDIC closes Venture Bank of Washington. Accounts transferred to First Citizens Bank & Trust of North Carolina. Depositors must claim FDIC-insured accounts
 
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Venture Bank - Lacey, WA

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lost bank account search - Venture Bank

September 11, 2009: Venture Bank, Lacey, WA was closed by the Washington Department of Financial Institutions. The Federal Deposit Insurance Corporation was named receiver.

Assets & Deposits: As of July 28, 2009, Venture Bank had total assets of $970 million and total deposits of approximately $903 million.

Successor Bank: The FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Venture Bank. All deposit accounts have been transferred to First-Citizens Bank and are available immediately. The eighteen former Venture Bank locations reopened as branches of First-Citizens Bank & Trust.

First-Citizens Bank & Trust Company
239 Fayetteville Street
Raleigh, NC 27601
888.323.4732
http://www.firstcitizens.com

FDIC Insurance: Transferred deposits will be separately insured from any accounts you may already have at First-Citizens Bank & Trust Company for six months after the failure of Venture Bank.

Interest: All interest accrued through Friday, September 11, 2009, will be paid at your same rate; however First-Citizens Bank & Trust Company 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 Venture 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 $298 million.

In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase approximately $874 million of the assets. The FDIC will retain the remaining assets for later disposition. The FDIC and First-Citizens Bank & Trust Company entered into a loss-share transaction on approximately $715 million of Venture 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
 
 
 
 
Venture Bank
721 College Street
Lacey, WA 98503
http://www.venture-bank.com
 

Established on 5/24/1979 
as
Lacey Bank
 

Assets: $970 million
Deposits: $903 million
 
 
Cost to FDIC: $298 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.

12/21/1981 - Changed name to First Community Bank Of Washington
11/30/1995 - Acquired Northwest Community Bank - Tacoma, Washington
12/09/1995 - Acquired Citizens First Bank - Elma, Washington
02/06/1997 - Acquired Prairie Security Bank - Yelm, Washington
10/01/2002 - Acquired Harbor Bank, National Association - Gig Harbor, Washington
05/27/2003 - Changed name to Venture Bank
09/03/2005 - Acquired Redmond National Bank - Redmond, 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: Unclaimed Account Search


Depositor Claims: For additional information and assistance on the Venture Bank receivership contact the FDIC at: 800-430-7974; or go to: ttp://www.fdic.gov/bank/individual/failed/venture-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 Venture Bank and have not received a notice, please contact:

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


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