FIs closed: Bank of Whitman, Colfax, Washington, USA
On Friday, August 5, 2011, Bank of Whitman, Colfax, WA was closed by the Washington State 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 Columbia State Bank, Tacoma, Washington, to assume all of the deposits of Bank of Whitman.
Eight of the 20 branches of Bank of Whitman will reopen during their normal business hours beginning on Monday as branches of Columbia State Bank. The eight branches reopening are located at: 233 Bridge Street, Clarkston; 201 S. Main Street, Colfax; 605 E. Main Street, Othello; 795 SE Bishop Blvd., Pullman; 201 W Main Street, Ritzville; 618 W Riverside Avenue, Spokane (Downtown); 12812 N Addison, Spokane; and, 500 W Main Street, Walla Walla.
While all deposits were transferred to Columbia State Bank, the remaining 12 branches of the former Bank of Whitman will not reopen. Customers of the 12 branches not reopening should utilize the eight branches that are reopening, except customers of Pasco and Kennewick, who should utilize the local Columbia State Bank
ATMs at the branches not reopening remained operational only throughout the weekend after the closing. Columbia State Bank will notify depositors of the Bank of Whitman once it fully integrates its systems to allow the failed bank's customers to use other Columbia State Bank branches in the state, in addition to the branches referenced above.
As of June 30, 2011, Bank of Whitman had approximately $548.6 million in total assets and $515.7 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $134.8 million.
Bank of Whitman is the 63rd FDIC-insured institution to fail in the USA this year, and the third in Washington.
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