Washington State Department of Financial Institutions

Sunwest Bank Purchases Westside Community Bank

On Friday, January 11, 2013, the Washington Department of Financial Institutions (DFI) closed Westside Community Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Westside Community Bank.

The FDIC immediately entered into a purchase and assumption agreement with Sunwest Bank, headquartered in Irvine, California. Sunwest Bank will assume all deposits and assets of Westside Community Bank.

Information for Westside Community Bank Customers

Resources for Westside Community Bank Customers

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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