Washington State Department of Financial Institutions

Whidbey Island Bank Purchases City Bank

On Friday, April 16, 2010, the Washington Department of Financial Institutions (DFI) closed City Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of City Bank.

The FDIC immediately entered into a purchase and assumption agreement with Whidbey Island Bank, headquartered in Oak Harbor, Washington. Whidbey Island Bank will assume all deposits and certain assets of City Bank, except certain brokered deposits, which will be paid out by the FDIC.

Information for City Bank Customers

Resources for City Bank Customers

Deposit Insurance for Washington Banks and Credit Unions

DFI wants to assure depositors that most deposits in Washington state chartered banks and credit unions are insured up to $250,000.

Banks and credit unions doing business in Washington State have federal deposit insurance through the Federal Deposit Insurance Corporation (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions. The NCUA's deposit insurance is called the National Credit Union Share Insurance Fund (NCUSIF).

Information for the Media

Media Contacts

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