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Failed Bank Information Question and Answer Guide for Pinnacle Bank, Beaverton, Oregon FDIC Call Center Toll free number 1-800-930-1848 Hours of Operation – Pacific Time Friday, February 13, 2009:   Until 9:00 p.m. Saturday, February 14, 2009:   9:00 a.m. – 6:00 p.m. Sunday, February 15, 2009:   Noon – 6:00 p.m. Thereafter:   8:00 a.m. – 8:00 p.m. The following answers are provided to the most commonly asked questions by customers of the failed bank. The total balance in your account(s) has been transferred to Washington Trust Bank of Spokane, WA, and will be available for transactions during regular business hours at the former Pinnacle Bank. You can continue to use your same checks, debit cards and ATM cards until notified. Direct deposits, including Social Security checks, will continue as usual.

What about my account with Pinnacle Bank?

All deposit accounts, which include Checking, Savings, Money Market, CDs and Retirements accounts have been transferred to Washington Trust Bank of Spokane, WA, regardless of the dollar amount.  No one lost any money on deposit in Pinnacle Bank.

If you had an account with Pinnacle Bank, you now have an account with Washington Trust Bank of Spokane, WA.

Please be advised you will not receive any email notification to claim/unlock/unsuspend your account or to provide any private information. Please be aware of any scams to obtain information from you.

What about my ATM/debit card and/or bill paying with Pinnacle Bank?

Your ATM/debit card will continue to work. Billpay will be available in inquiry mode only over the weekend; however, it will be available on Tuesday morning.

I am a deposit broker or have brokered deposits. What do I do?

As an All-Deposit Transfer transaction, the total of all deposit accounts, including brokered deposits, have been assumed by Washington Trust Bank of Spokane, WA.

What will happen to my direct deposits?

Direct Deposits will continue as normal, including Social Security checks.

I already have other deposit accounts with the new bank.  When combined with balances at this bank, my deposits exceed $250,000.  Are all funds insured?

The accounts transferred to Washington Trust Bank of Spokane, WA will be separately insured for at least six months after the merger.  This grace period gives a depositor the opportunity to restructure the accounts, if necessary.

CDs from the failed bank are separately insured until the earliest maturity date after the end of the six-month grace period.

CDs that mature during the six-month period and are renewed for the same term and in the same dollar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period.

If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period.

Will I continue to earn interest at the same rate?  Will I be charged an early withdrawal penalty?

Washington Trust Bank of Spokane, WA will be reviewing rates and will notify you.

You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank.  Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.

What about my loan or mortgage with Pinnacle Bank?

All mortgages and loans have been assumed by Washington Trust Bank of Spokane, WA.  Your payment amount and due date are the same.  If you are having your payment deducted from your account, it will continue as it has in the past.  You should continue to make your checks payable to Pinnacle Bank and send your payments to the same address.

What happens if I had a loan in process that had not closed or a line of credit not fully funded?

You should contact your loan officer.  All prior contacts remain the same.

I represent a TV/Newspaper/Radio and would like some information.

Please contact the Office of Public Affairs:

What about checks that I have written on my account with Pinnacle Bank?

Your checks will clear up to the available balance in your account.   You can continue to use your existing checks.

How can I claim the contents of my safe deposit box?

It is business as usual.  You can go to your local branch and access your safe deposit box; however, no action on your part is required because of this transaction.

What about my shares of stock, notes or subordinated notes that I own in Pinnacle Bank?

On February 13, 2009, Pinnacle Bank was closed by the Oregon Division of Finance and Corporate Securities.   The Federal Deposit Insurance Corporation (FDIC) was then named Receiver.   Subsequent to the closure, Washington Trust Bank of Spokane, WA acquired the assets and most of the liabilities of Pinnacle Bank from the FDIC as Receiver for Pinnacle Bank.  Any claims by equity holders were not acquired.

Shareholders have a claim against the receivership; however, they have the lowest priority of claim.   You should discuss this with an accountant and/or the IRS concerning the exact requirements necessary to recognize the investment as a loss for tax purposes.

All claims against Pinnacle Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address:

Why do all deposits, insured and uninsured, pass in some transactions but not in others?

The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution.  The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction.  The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.

Last Updated 02/13/2009

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