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Friday, January 16, 2009

2009 Bank Failure #2: Bank of Clark County, Vancouver, WA

by Calculated Risk on 1/16/2009 09:24:00 PM

From the FDIC: Umpqua Bank Acquires the Insured Deposits of Bank of Clark County, Vancouver, WA

Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named receiver.
As of January 13, 2009, Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million. At the time of closing, there were approximately $39.3 million in uninsured deposits held in approximately 138 accounts that potentially exceeded the insurance limits.
In addition to assuming the failed bank's insured deposits, Umpqua Bank will purchase $30.4 million of assets comprised of cash, cash equivalents, marketable securities and loans secured by deposits. The FDIC will retain the remaining assets for later disposition.

The transaction is the least costly resolution option, and the FDIC estimates the cost to its Deposit Insurance Fund will be between $120 and $145 million.
A Bank Failure Friday Twofer ...