Bank of Whitman, Colfax, WA
The FDIC has put together some responses to frequent issues or questions bank customers may have following a bank failure. These should assist you in understanding what is happening at your bank.
On Friday, August 5, 2011, Bank of Whitman, Colfax, WA, was closed by the Washington State Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Columbia State Bank, Tacoma, WA, acquired all the deposits and certain assets of Bank of Whitman from the FDIC as Receiver Shares of stock were owned by the holding company, which was not involved in this transaction.
YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this bank. All deposits, regardless of dollar amount, were transferred to the Columbia State Bank.
ACCESS TO YOUR MONEY: You may continue to use your ATM cards, debit cards and outstanding checks, and they will clear up to the available balance in your account. The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank.
All customers will also have access to their money during regular business hours beginning Monday at the following eight branches:
233 Bridge St., Clarkston; 201 S. Main St., Colfax; 605 E. Main St., Othello; 795 SE Bishop Blvd, Pullman; 201 W. Main, Ritzville; 618 W. Riverside Ave., Spokane (Downtown); 12812 N. Addison St., Spokane and 500 W. Main St., 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 branches listed on the page in the link below.
DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veteran’s benefits, welfare and/or disability, unemployment or any payment you receive electronically will continue as usual.
AUTOPAYMENTS/BILLPAY/ONLINE BANKING: These services will continue as usual. Your routing number and account number will remain the same until you are notified in writing by the new bank.
INTEREST RATES: Interest on deposits accrued through close of business the day the bank was closed will be paid at your same rate. Current rates will be reviewed by the new bank and may be lowered; however, you may withdraw funds from any transferred account without early withdrawal penalty until you enter into a new deposit agreement.
BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the total of all deposit accounts, excluding the Cede & Co. deposits, have been assumed by Columbia State Bank. If you are a customer who has a Bank of Whitman deposit through a broker, you must contact your broker with any questions.
SAFE DEPOSIT BOXES: Customers at the eight branches listed above may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank. Customers with safe deposit boxes at the locations not reopening should call 1-800-881-7816 to set up an appointment to claim the contents of their boxes. Customers will have until August 26, 2011, to access their safe deposit boxes.
OVERDRAFT LINES OF CREDIT: These lines have been transferred to the new bank. Please contact the new bank if you have additional questions regarding your accounts.
LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send it to the same payment address with checks made payable to the old bank.
ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance was not paid, notify your loan officer immediately.
LOANS IN PROCESS: Please contact your current loan officer directly.
SHARES OF STOCK: All shares of stock were owned by the holding company, Whitman Bancorporation, Inc., Colfax, WA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Whitman Bancorporation, Inc., please do not contact or file a claim with the receiver. You must contact the holding company directly for more information:
Whitman Bancorporation, Inc.
Att: Bill Knox
P.O. Box 270
Colfax, WA 99111
CLAIMS: Please send claims for unpaid bills to the following address:
FDIC as Receiver for Bank of Whitman
1601 N. Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the new bank, they will be insured separately for at least six months following the merger of the banks. This will allow you time to restructure your accounts if necessary.
ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:
FDIC Call Center
Toll free number 1-800-881-7816
Hours of Operation – Pacific Time
Friday, August 5, 2011: Until 9:00 p.m.
Saturday, August 6, 2011: 9:00 a.m. – 6:00 p.m.
Sunday, August 7, 2011: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/whitman.html