FIs closed: Rainier Pacific Bank, Tacoma, Washington, USA
On Friday, 26 February, 2010, Rainier Pacific Bank, Tacoma, WA was closed by the Washington State Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume all of the deposits of Rainier Pacific Bank.
The 14 branches of Rainier Pacific Bank will reopen during normal business hours as branches of Umpqua Bank.
As of 31 December, 2009, Rainier Pacific Bank had approximately USD717.8 million in total assets and USD446.2 million in total deposits.
Umpqua Bank will pay the FDIC a premium of 1.04 percent to assume all of the deposits of Rainier Pacific Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD95.2 million.
Rainier Pacific Bank is the 22nd FDIC-insured institution to fail in the USSA this year, and the fourth in Washington.
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