Heritage Bank Purchases Pierce Commercial Bank
On Friday, November 05, 2010, the Washington Department of Financial Institutions (DFI) closed Pierce Commercial Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Pierce Commercial Bank.
The FDIC immediately entered into a purchase and assumption agreement with Heritage Bank headquartered in Olympia, Wash. Heritage Bank will assume all of the deposits and assets of Pierce Commercial Bank.
Information For Pierce Commercial Bank Customers
- Heritage Bank will assume all of the deposits and assets of Pierce Commercial Bank Bank.
- Depositors of Pierce Commercial Bank will automatically become depositors of Heritage Bank.
- Pierce Commercial Bank, headquartered in Tacoma, Wash. has one location which will reopen Monday as a branch of Heritage Bank.
- Throughout the weekend, depositors of Pierce Commercial 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 Pierce Commercial Bank Customers
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Heritage Bank Website
Information about Heritage Bank. -
Information From The FDIC
Answers to FAQs about the closure of Pierce Commercial Bank from the FDIC.
Public Deposits
The Public Deposit Protection Commission (PDPC) is comprised of the State Treasurer, Governor, and Lieutenant Governor. The PDPC makes and enforces regulations and administers a program to ensure public funds deposited in banks and thrifts are protected if a financial institution becomes insolvent.
Deposit Insurance For Washington Banks & 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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