FDIC Call Center
Toll free number 1-800-528-6215
Hours of Operation – Pacific Time
January 22, 2010:
Until 9:00 p.m.
January 23, 2010:
a.m. – 6:00
January 24, 2010:
Noon – 6:00
8:00 a.m. – 8:00
On January 22, 2010, Evergreen Bank, Seattle, WA, was closed by the Washington Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Umpqua Bank, Roseburg, OR acquired substantially all the deposits and assets of Evergreen Bank from the FDIC as Receiver for Evergreen Bank. Any claims by equity holders were not acquired. Share price does not trigger a bank closing and was not the reason for Evergreen Bank’s failure.
The total balance in your account(s) has been transferred to Umpqua Bank and will be available for transactions during regular business
the former Evergreen Bank branches.
You may continue to use your same checks, ATM cards and debit cards until notified.
All Direct Deposits, including Social Security checks, will continue as usual.
What about my account with Evergreen Bank?
If you had an account with Evergreen Bank, you now have an account with Umpqua Bank, Roseburg, OR. All deposit accounts, which include checking, savings, money market, CDs and retirement accounts, have been transferred to Umpqua Bank, regardless of the dollar amount. No one lost any money on deposit in Evergreen Bank.
Customers of both banks should continue to use their existing branches until Umpqua Bank can fully integrate the deposit records of Evergreen Bank.
To forewarn you of any scams, please be advised that you will not receive any notification from the FDIC, the Receiver, or Umpqua Bank to provide any private information. Please be watchful for and resist any such scams to obtain information from you by individuals or entities purporting to act on behalf of Evergreen Bank, or the FDIC.
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, excluding the Cede & Co. brokered deposits, have been
assumed by Umpqua Bank. The FDIC retained the Cede & Co. brokered
deposits and will pay those accounts off directly.
Be advised, however, that from and after the date of closing,
Umpqua Bank will accrue and pay interest on
deposit liabilities at a rate it shall determine; accordingly,
Umpqua Bank shall permit depositors, including
brokered depositors, impacted by reduced rates to withdraw
their deposits without penalty for early withdrawal.
If you are a customer who has an Evergreen Bank deposit through a broker, you must contact your broker with any questions.
Existing Deposits at Umpqua Bank:
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 Umpqua Bank 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.
Interest Rates, Early Withdrawal Penalty:
Will I continue to earn interest at the same rate? Will I be charged an early withdrawal penalty?
Interest on all deposits accrued through Friday, January 22, 2010,
will be paid at your same rate. Umpqua Bank will review rates and notify you if interest rates will change. Your interest rate may be reduced.
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
a deposit to or a withdrawal from your account.
What about my loan or mortgage with Evergreen Bank?
All mortgages and loans have been assumed by Umpqua Bank. 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 Evergreen Bank
and send your payments to the same address.
All shares of Evergreen Bank were owned by its holding company, Evergreenbancorp, Inc., Seattle, WA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of Evergreenbancorp, Inc., please do not contact or file a claim with the Receiver. You may contact Evergreenbancorp, Inc. directly for information as follows:
1111 Third Avenue, Suite 2100
Seattle, WA 98101
Why do all deposits, insured or not, 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 had been for the FDIC to transfer only the insured deposits in a Purchase and Assumption transaction; however, the temporary increase in the deposit insurance limit has assisted in the transfer of all deposits more often in the past year.