I wanted to share some recent
news with you regarding Umpqua and EvergreenBank.
On Friday, Jan. 22, the
Federal Deposit Insurance Corporation (FDIC) closed Seattle-based
EvergreenBank and Umpqua assumed the bank's operations. As one of the region's
strongest community banks with locations in the Puget Sound area, Umpqua is
well-positioned to acquire the organization and stand behind the loans and
deposits of EvergreenBank customers.
Over the next several weeks, we will
be transitioning EvergreenBank branches into Umpqua Bank stores. All Umpqua
customers and former EvergreenBank customers now have access to 162 stores from
Lynnwood, Wash. to San Francisco. Each of these neighborhood locations will
remain focused on our service-first philosophy and community engagement.
Please join us in welcoming former EvergreenBank customers to Umpqua. If you
have additional questions, please read the FAQs below or call us at
President and CEO
Who is EvergreenBank?
EvergreenBank was a small,
community focused bank with seven locations in the Puget Sound area of
Washington State. EvergreenBank had a long history of active community
participation and Umpqua Bank looks forward to continuing this tradition.
What does this mean for me?
You now have access to 162
Umpqua Bank stores, including seven new locations in the Puget Sound area.
Does this put my deposits at Umpqua at risk?
deposits are secure and you will not be impacted by Umpqua Bank's assumption of
Why is EvergreenBank in receivership?
The State of Washington and the FDIC determined that the
EvergreenBank was no longer in a position to maintain banking operations.
Through its normal procedures, the FDIC offered deposits and assets of the
bank through a bidding process to qualified, financially sound banks. Umpqua
Bank was well-positioned to acquire EvergreenBank's deposits and loans and
was selected by the FDIC to do so.
Will EvergreenBank become
Yes. All EvergreenBank locations reopened as
Umpqua Bank stores on Jan. 25. Customers of EvergreenBank automatically
become customers of Umpqua Bank.
Will EvergreenBank retain its
No. All EvergreenBank locations will adopt the Umpqua
Bank name and logo.
If this could happen to EvergreenBank, how do
I know it won't happen to Umpqua Bank?
Your deposits and loans
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. At Umpqua, all 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 here to help.
will this affect EvergreenBank customers?
As of Jan. 22, it's
business as usual. Umpqua's assumption of EvergreenBank allows EvergreenBank
consumers and businesses continued access to their deposits and loans.
Is this part of Umpqua Bank's strategy?
We have had
a long term vision to continue our growth and expand our unique approach to
banking in the Seattle area. Assuming the former EvergreenBank is a direct
investment into the financial health of the Puget Sound community, protects the
funds of local residents and businesses, and allows us to continue supporting
the community through increased loan availability.