Source:
CBS MarketwatchSAN FRANCISCO (MarketWatch) -- Silver Falls Bank, of Silverton, Ore., was closed Friday by state regulators and the Federal Deposit Insurance Corporation. It was the 14th bank to fail so far this year and the 39th since the beginning of the current credit crisis. Citizens Bank of Corvallis, Ore. will assume all of the deposits of Silver Falls Bank, the FDIC said. Silver Falls Bank had three branches. As of Feb. 9, the bank had total assets of approximately $131.4 million and total deposits of $116.3 million. Citizens Bank did not pay a premium to acquire the deposits of Silver Falls Bank.
Read more:
http://www.marketwatch.com/news/story/oregons-silver-falls-bank-seized/story.aspx?guid=%7BDA20AB1C%2DD218%2D46B7%2D9201%2D784DDADECB44%7D&siteid=bnbh
only one this week - here's the FDIC press release
http://www.fdic.gov/news/news/press/2009/pr09024.htmlSilver Falls Bank, Silverton, Oregon, was closed today by the Oregon Department of Consumer and Business Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Citizens Bank, Corvallis, Oregon, to assume all of the deposits of Silver Falls Bank.
The three branches of Silver Falls Bank will reopen on Monday as branches of Citizens Bank. Depositors of Silver Falls Bank will automatically become depositors of Citizens 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. Customers of both banks should continue to use their existing branches until Citizens Bank can fully integrate the deposit records of Silver Falls Bank.
Over the weekend, depositors of Silver Falls Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of February 9, 2009, Silver Falls Bank had total assets of approximately $131.4 million and total deposits of $116.3 million. Citizens Bank did not pay a premium to acquire the deposits of Silver Falls Bank.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-760-3639. The phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 p.m. to 6:00 p.m., PST; on Sunday from Noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Customers who would like more information about today's transaction can also visit the FDIC's Web site at
http://www.fdic.gov/bank/individual/failed/silverfalls.html.In addition to acquiring all of the failed banks deposits, including those from brokers, Citizens Bank agreed to purchase approximately $13 million in assets comprised of cash, cash equivalents, securities, overdraft loans, and deposit secured loans. The FDIC will retain any remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $50 million. The Citizens Bank acquisition of all the deposits of Silver Falls Bank was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Silver Falls Bank is the fourteenth bank to fail in the nation this year. The last bank to fail in Oregon was Pinnacle Bank, Beaverton, on February 13, 2009.
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this is the 13th bank failure in 2009
for more information see
http://www.fdic.gov/bank/individual/failed/banklist.html
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