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January 20th, 2009
Dear customers, friends and neighbors,
I wanted to share some important news with you about Umpqua Bank and some recent changes in the banking community in Vancouver, Wash.
On Friday, Jan. 16, the Federal Deposit Insurance Corporation (FDIC) took over Bank of Clark County, a Vancouver based bank with two locations. Umpqua Bank agreed with the FDIC to assume the insured non-brokered deposits of the bank to protect insured depositors.
As a strong community bank, with an established presence in Portland and Vancouver, we knew it was important to support our local neighbors and businesses. This was accomplished through a purchase and assumption transaction, a common method to protect depositors.
I suspect you may have additional questions about what this means. Please read on for answers to some commonly asked questions. Please also join me in welcoming former Bank of Clark County Customers to the Umpqua community.
Sincerely,
Ray Davis
CEO Umpqua Bank
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Who is Bank of Clark County?
Bank of Clark County was a small, community focused bank with two locations in Vancouver, Wash. that first opened in 1999. Bank of Clark County had a long history of being very active in the community and Umpqua Bank looks forward to continuing this tradition.
What does this mean for me?
You will soon have access to two additional Umpqua Bank locations in Vancouver in downtown Vancouver at 1400 Washington Street, Suite 200 and on the east side at 16409 SE 1st St.
Does this put my savings at Umpqua at risk?
No. Your savings are secure. Banking at all Umpqua Bank stores will continue as usual and you will not be impacted by Umpqua Bank’s assumption of these insured deposits.
Why is Bank of Clark County in receivership?
The State of Washington and the FDIC determined that the Bank of Clark County was insolvent. Through its normal procedures, the FDIC offered deposits and assets of the bank to qualified, financially sound banks. Umpqua Bank was selected to assume the insured, non brokered deposits of the Bank of Clark County. The uninsured and brokered deposits of Bank of Clark County, together with most of its loans, were retained by the FDIC.
Is Umpqua Bank acquiring Bank of Clark County?
No. Umpqua Bank is assuming the insured deposits of Bank of Clark County and taking over the operations of its two branches. Umpqua Bank is committed to protecting the financial security of the communities that it serves, which includes Vancouver, Wash. Umpqua’s actions will ensure customers of Bank of Clark County will maintain uninterrupted access to banking services.
Will Bank of Clark County turn into an Umpqua Bank?
Yes. Bank of Clark County reopened on Tuesday, January 20 as Umpqua Bank. Insured depositors of the Bank of Clark County will automatically become depositors of Umpqua Bank.
Will Bank of Clark County retain its name?
No. All Bank of Clark County locations will adopt the Umpqua Bank name, logo and outstanding customer service.
If this could happen to Bank of Clark County, how do I know it won’t happen to Umpqua Bank?
Your deposits at Umpqua Bank are safe, sound and readily available. Umpqua Bank is a strong, well positioned, financially sound bank with a proven track record of stability. Furthermore, banks are a safe place to put money, even if there are failures, because deposits and self-directed retirement accounts (IRAs) are insured up to $250,000. If you have questions about your deposits and how they are insured, let us know; we’re happy to help.
How will this affect Bank of Clark County customers?
As of Tuesday, Jan. 20, it was business as usual. Umpqua’s assumption of insured deposits allows Bank of Clark County consumers and businesses continued access to their insured deposits.
Is this part of Umpqua Bank’s strategy?
It is disappointing to see a bank in our region fail, and we certainly don’t see an event like this as part of our strategic growth plan. We are pleased to cooperate with the FDIC to ensure former Bank of Clark County customers have a strong banking system in place. Assuming the insured deposits and operations of the former Bank of Clark County becomes a direct investment into the financial health of our Vancouver community, protecting the funds of local residents and businesses, and allowing for Umpqua to continue investing in the community through increased loan availability.
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