Regulators seize Lacey-based Venture Bank
OLYMPIA, Wash. -- Venture Bank has become the latest financial institution to be seized by the state.
The state Department of Financial Institutions closed the bank on Friday, citing inadequate capital and severe loan losses in its decision.
Shortly after the closure on Friday, DFI said the Federal Deposit Insurance Corporation (FDIC) would be the receiver of Venture Bank. And the FDIC, in turn, sold the bank to First-Citizens Bank & Trust Company of Raleigh, N.C.
First-Citizens Bank & Trust will assume all deposits and assets of Venture Bank with the exception of brokered deposits.
Venture Bank is headquartered in Lacey, Wash. and has administrative offices in DuPont, Wash. Its 18 branches are located in four Western Washington counties -- Thurston, Lewis, Pierce and King.
"Venture's capital has been depleted by large loan and investment losses," said Brad Williamson, director of DFI's division of banks. "Like many banks across the country, Venture's real estate construction and development portfolio has suffered as real estate values have fallen."
At the end of June, the bank's assets totaled $991.4 million, and its deposits were listed at $902.7 million.
All Venture Banks branches and its corporate office will reopen on Monday as branches of First-Citizens Bank & Trust Company, state officials said. Until then, Venture Bank customers will have access to their accounts via ATM machines and online services. Branches with Saturday drive-up services will operate as normal. Checks will continue to be processed, and loan payments are expected on time.
Venture Bank is the third bank the DFI has shut down this year. It was preceded by West Sound Bank in Bremerton and Bank of Clark County. DFI officials said as of right now, there are no other banks in financial trouble in the state.
Venture Bank customers who have questions about the purchase can call First-Citizens Bank toll-free at (800) 586-2351 between 7 a.m. and 8 p.m., Pacific time.
Additional information can also be found at DFI's Web site, FDIC's Web site and First-Citizen Bank's Web site.
The state Department of Financial Institutions closed the bank on Friday, citing inadequate capital and severe loan losses in its decision.
Shortly after the closure on Friday, DFI said the Federal Deposit Insurance Corporation (FDIC) would be the receiver of Venture Bank. And the FDIC, in turn, sold the bank to First-Citizens Bank & Trust Company of Raleigh, N.C.
First-Citizens Bank & Trust will assume all deposits and assets of Venture Bank with the exception of brokered deposits.
Venture Bank is headquartered in Lacey, Wash. and has administrative offices in DuPont, Wash. Its 18 branches are located in four Western Washington counties -- Thurston, Lewis, Pierce and King.
"Venture's capital has been depleted by large loan and investment losses," said Brad Williamson, director of DFI's division of banks. "Like many banks across the country, Venture's real estate construction and development portfolio has suffered as real estate values have fallen."
At the end of June, the bank's assets totaled $991.4 million, and its deposits were listed at $902.7 million.
All Venture Banks branches and its corporate office will reopen on Monday as branches of First-Citizens Bank & Trust Company, state officials said. Until then, Venture Bank customers will have access to their accounts via ATM machines and online services. Branches with Saturday drive-up services will operate as normal. Checks will continue to be processed, and loan payments are expected on time.
Venture Bank is the third bank the DFI has shut down this year. It was preceded by West Sound Bank in Bremerton and Bank of Clark County. DFI officials said as of right now, there are no other banks in financial trouble in the state.
Venture Bank customers who have questions about the purchase can call First-Citizens Bank toll-free at (800) 586-2351 between 7 a.m. and 8 p.m., Pacific time.
Additional information can also be found at DFI's Web site, FDIC's Web site and First-Citizen Bank's Web site.