Failed Bank Information for Washington Federal Bank For Savings, Chicago, IL
On Friday, December 15, 2017, Washington Federal Bank For Savings, Chicago, IL was closed by the Office of the Comptroller of the Currency. The FDIC was appointed Receiver. No advance notice is given to the public when a financial institution is closed. All non-brokered insured deposits have been transferred to Royal Savings Bank, Chicago, IL.
At a Glance
Responses to common questions
Official press release
Report on assets and liabilities
None paid to date
Beware of scams!
Please be advised you will not receive any email notification to claim, unlock or suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
If you had a deposit account:
The total insured balance in your account(s), including checking, savings, money markets, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to Royal Savings Bank.
For accounts exceeding $250,000, you should call 1-877-367-2718 to schedule an appointment with an FDIC Claims Agent.
You may continue to use your checks and ATM/Debit card. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.
If you had a loan:
You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change.
If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact your loan officer.
If your loan is currently in process or you had a line of credit, contact your loan officer.
If you are owed money for a service or product provided:
You may be eligible to file a claim against Washington Federal Bank For Savings.
If you have not been paid for services rendered prior to December 15, 2017, please refer to the Filing Claims section below.
Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
ACQUIRING INSTITUTION: ROYAL SAVINGS BANK
About Royal Savings Bank
The insured balance of all non-brokered deposit accounts have been transferred to Royal Savings Bank, Chicago, IL ("assuming institution") and will be available immediately. The former Washington Federal Bank For Savings locations will reopen as branches of Royal Savings Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at Royal Savings Bank for at least six months after the failure of Washington Federal Bank For Savings. Checks that were drawn on Washington Federal Bank For Savings that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.
Principal and interest on insured accounts, through Friday, December 15, 2017, are fully insured by the FDIC, up to the insurance limit of $250,000. Royal Savings Bank will be reviewing rates. You will be notified of any changes. You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Royal Savings Bank as long as the deposits are not pledged as collateral for loans. Certain entitlements and different types of accounts can be insured for more than the $250,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.
Contacting Royal Savings Bank
You can contact Royal Savings Bank:
Royal Savings Bank
9226 South Commercial Avenue
Royal Savings Bank (https://www.royalbankweb.com)
Purchase & Assumption Agreement - PDF
Agreement between FDIC and the acquiring institution
Report on the bids to purchase the failed bank
As an Insured Deposits transaction, brokered deposits will be held, and the insured funds will be paid directly by the FDIC. Please note: Insured deposits placed via the Internet through a listing service such as QwickRate were passed to Royal Savings Bank.
Automatic Payments/Bill Pay/Online Banking
These services will be available in read-only mode over the weekend and will operate as usual on Monday, December 18, 2017.
ATM and Debit Cards
Your ATM/Debit card will continue to work as usual.
Your checks will be processed as usual. All outstanding checks will be paid against your available insured balance(s). Royal Savings Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact your branch office.
All direct deposits, for example, social security checks, payroll, veterans' benefits, disability, unemployment or any payment you receive electronically will continue as usual.
Overdraft Lines of Credit
These lines have been transferred to Royal Savings Bank. Please contact Royal Savings Bank if you have additional questions regarding your accounts.
Safe Deposit Boxes
You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by Royal Savings Bank.
Tax Reporting - 1098 and/or 1099
Royal Savings Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
Accounts exceeding $250,000 and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-877-367-2718. The Claims Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.
If you or your company provided a service or product, leased space, furniture, or equipment to Washington Federal Bank For Savings prior to December 15, 2017 and have not been paid, you may have a claim against Washington Federal Bank For Savings.
All creditors having claims against Washington Federal Bank For Savings must submit their claims to the Receiver online or by mail:
FDIC as Receiver for Washington Federal Bank For Savings
Please note: There are time limits for filing a claim. Your claim must be filed on or before
Under federal law, failure to file a claim on or before the Claims Bar Date will result in disallowance of the claim by the Receiver. The disallowance will be final. 12 U.S.C. Section 1821(d)(5)(C).
NOTE TO CLASS CLAIMANTS: By law, the Receiver will not accept a claim filed on behalf of a proposed class of individuals or entities or a class of individuals or entities certified by a court. EACH individual or entity must file a separate claim with the Receiver.
Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
FOR STOCKHOLDERS OF WASHINGTON BANCSHARES, INC.
All shares of Washington Federal Bank For Savings are owned by its holding company, Washington Bancshares, Inc., Chicago, IL. The holding company was not included in the closing of the bank or resulting receivership.
Contacting the Holding Company
If you are a stockholder, please do not contact or file a claim with the Receiver. You must contact the holding company directly:
Washington Bancshares, Inc.
2869 S. Archer Avenue
Chicago, IL 60608
Questions About This Closing
Contact the FDIC Customer Service Department at (888) 206-4662.
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