Umpqua Bank Acquires the Insured Deposits of Bank of Clark County
I feel for the 138 accounts that exceed insured limits. What a disaster! So, too shareholders of the defunct bank.
One would reason that neither Washington State regulators or the FDIC would agree to transfer deposits to a financially unstable bank. But I did not thinks banks would loan to clients who could not repay either, so what do I know? Remember, the Congress enabled, this debacle.
"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. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
Umpqua will not assume the approximately $117.8 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their insured funds."