Union Bank, National Association Purchases Frontier Bank
On Friday, April 30, 2010, the Washington Department of Financial Institutions (DFI) closed Frontier Bank , citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Frontier Bank.
The FDIC immediately entered into a purchase and assumption agreement with Union Bank, NA headquartered in San Francisco.
Union Bank will assume all deposits and certain assets of Frontier Bank, except certain brokered deposits, which will be paid out by the FDIC.
Information for Frontier Bank Customers
- Union Bank will assume all deposits and certain assets of Frontier Bank, except certain brokered deposits, which will be paid out by the FDIC.
- Depositors of Frontier Bank will automatically become depositors of Union Bank.
- All Frontier Bank locations will open Monday, May 3 as Union Bank branches.
- Throughout the weekend, depositors of Frontier 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 Frontier Bank Customers
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Information for Frontier Bank Customers from the FDIC
Answers to FAQs, as well as information about banking services during the transition and possible claims against the institution.
Customers may also call the FDIC at 1-800-823-4939. -
Union Bank Web Site
Website for Union 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
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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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