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
- 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.
- Depositors of Rainier Pacific Bank will automatically become depositors of Umpqua Bank.
- Rainier Pacific Bank branches with normal operating hours on Saturday will reopen as branches of Umpqua Bank on Saturday, the rest will reopen on Monday as branches of Umpqua Bank.
- Throughout the weekend, depositors of Rainier Pacific 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 Rainier Pacific Savings Customers
Umpqua Bank Web Site
Information about Umpqua Bank.
Information from the FDIC
Answers to FAQs about the closure of Rainier Pacific Bank from the FDIC.
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
Lyn Peters, Director of Communications
PH (360) 902-8731 email@example.com
- Brad Williamson, DFI Director, DFI Division of Banks
PH (360) 902-8704 firstname.lastname@example.org
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