Friday, January 22, 2010
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
FOR IMMEDIATE RELEASE:
Umpqua Bank Of Roseburg, OR Purchases Evergreen Bank After Closure By WA Department Of Financial Institutions
Evergreen branches will reopen Monday as branches of Umpqua Bank
OLYMPIA – The Washington Department of Financial Institutions (DFI) closed Evergreen Bank today, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Evergreen Bank.
The FDIC immediately entered into a purchase and assumption agreement with Umpqua Bank, headquartered in Roseburg, Oregon. Umpqua Bank will assume all deposits and certain assets of Evergreen Bank, except certain brokered deposits, which will be paid out by the FDIC.
“Evergreen’s capital has been depleted by large loan losses,” Brad Williamson, Director of DFI’s Division of Banks explained. “Like many banks across the state and country, Evergreen’s real estate construction and development portfolio has suffered tremendously as real estate values have fallen.”
“We are always disappointed when a bank is unable to continue safe and sound financial operations,” DFI Director Scott Jarvis said. “We are very pleased, however, to see the bank acquired by a northwest bank as a whole bank purchase. This is a good outcome for bank depositors and borrowers.”
“Umpqua Bank has always been committed to the financial health of the communities we serve,” said Ray Davis, Umpqua Holdings Corporation president and CEO. “Umpqua is well positioned to assume the deposits and loans of Evergreen Bank and we will work quickly to make this transition as smooth as possible for customers and employees.”
Evergreen Bank, headquartered in Seattle, Wash. has branches located in King and Snohomish counties. All will be assumed by Umpqua Bank. The main office and all of Evergreen’s seven branches will reopen on Monday, Jan. 25 as branches of Umpqua Bank.
Throughout the weekend and transition, Evergreen Bank customers can access their funds by writing checks or using ATM or debit cards. Checks will continue to be processed. Loan customers should continue to make their payments as usual. Online services also will remain available.
As of Sept. 30, 2009, Evergreen Bank had total assets of $481,701,000 and total deposits of $438,978,000.
For more information about deposit insurance for Washington banks and credit unions, visit www.dfi.wa.gov/consumers/deposits.htm. For details about FDIC coverage and requirements, visit www.fdic.gov or call toll-free 1.877.ASK.FDIC.
DFI recently released FAQs for bank business loan customers in turbulent times at http://dfi.wa.gov/banks/business-loan-faqs.htm.
About Division of Banks
www.dfi.wa.gov/banks ▪ 360.902.8704 ▪ 877.RINGDFI (746.4334) x 28704
The Washington State Department of Financial Institutions Division of Banks regulates more than 90 Washington State-chartered commercial banks, stock savings banks, mutual savings banks, foreign banks, savings and loan associations and independent trust companies. We charter new banks, business development corporations, trust companies, foreign banks and savings & loan associations. Also, we authorize new branches and branch closures; and approve mergers & acquisitions. Learn more about the Division of Banks.
www.dfi.wa.gov ▪ 360.902-8700 ▪ 877.746-4334
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: http://www.twitter.com/FinEd4All, www.twitter.com/DFIConsumers, www.finlit.blogspot.com, www.youtube.com/user/WADFI, www.homeownership.wa.gov.