Bank of Clark County, Vancouver, WA Closed by FDIC

January 16, 2009

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. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits of the Bank of Clark County.

Bank of Clark County will reopen on Tuesday, due to the Martin Luther King, Jr. holiday, as branches of Umpqua Bank. Depositors of the failed 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.

Source:  FDIC Press Release

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