Washington State Department of Financial Institutions

Umpqua Bank Purchases Rainier Pacific Savings Bank

On Friday, February 26, 2010, the Washington Department of Financial Institutions (DFI) closed Rainier Pacific Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Rainier Pacific Bank.

The FDIC immediately entered into a purchase and assumption agreement with Umpqua Bank of Roseburg, Oregon. Umpqua Bank will assume all deposits and certain assets of Rainier Pacific Bank, except certain brokered deposits, which will be paid out by the FDIC.

Information for Rainier Pacific Savings Bank Customers

Resources for Rainier Pacific Savings Customers

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 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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