Evergreen Bank

January 23, 2010

Evergreen Bank of Seattle, Washington has failed according to this FDIC Press Release:

Evergreen Bank, Seattle, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume all of the deposits of Evergreen Bank.

The seven branches of Evergreen Bank will reopen on Monday as branches of Umpqua Bank. Depositors of Evergreen Bank will automatically become depositors of Umpqua Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until they receive notice from Umpqua Bank that it has completed systems changes to allow other Umpqua Bank branches to process their accounts as well.

Technorati Tags: Bank Failures, Evergreen Bank, Seattle, WA, Washington

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