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
- 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.
- Depositors of City Bank will automatically become depositors of Whidbey Island Bank.
- All eight of City Bank’s drive-up locations will open on Saturday, April 17, 2010 as Whidbey Island Bank branches for normal Saturday banking hours. All locations including the main office will reopen on Monday, April 19.
- Throughout the weekend, depositors of City Bank can access their funds by writing checks or using ATM or debit cards.
- Checks drawn on the bank will continue to be processed.
- Loan customers should continue to make their payments as usual.
Resources for City Bank Customers
-
Information for City Bank Customers from the FDIC
Answers to FAQs, as well as information about banking services during the transition and possible claims against the institution.
You may also call the FDIC at 1-800-881-7816. -
Whidbey Island Bank Web Site
Web site for Whidbey Island Bank. -
When
a Bank Fails - The Facts
Facts from the FDIC for depositors, borrowers, and creditors.
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
-
Lyn Peters, Director of Communications
PH (360) 902-8731 lyn.peters@dfi.wa.gov - Brad Williamson, DFI Director, DFI Division of Banks
PH (360) 902-8704 banks@dfi.wa.gov
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