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Umpqua purchases Rainier Pacific Bank's 14 locations
Mirror staff reports:
Umpqua Bank announced the purchase of Rainier Pacific Bank’s 14 branches in Pierce and King counties.
The banks reopened as Umpqua on March 1. Tacoma-based Rainier Pacific Bank had three locations in Federal Way: 33650 21st Ave. SW; 1900 S. 320th St.; and 35007 Enchanted Parkway S.
According to a news release, the Washington Department of Financial Institutions (DFI) closed Rainier Pacific Bank on Feb. 26, citing inadequate capital and severe loan losses. Umpqua Bank will assume all deposits and certain assets of Rainier Pacific Bank, except certain brokered deposits, which will be paid out by the Federal Deposit Insurance Corporation (FDIC), the release said.
“Rainier Pacific Bank’s capital has been depleted by significant securities write-downs and loan losses,” said Brad Williamson, director of DFI’s Division of Banks, in a news release.
Umpqua, headquartered in Portland, Ore., has 162 locations between San Francisco and Seattle. In January 2010, Umpqua purchased Evergreen Bank's seven locations in Puget Sound, including one in Federal Way.
"It's just a tough time for banks," said Umpqua CEO Ray Davis in January after the failure of Evergreen. Davis said Umpqua is a "very capital rich, very liquid institution" with plans for expansion in the Puget Sound region.
To learn more, visit www.fdic.gov">www.fdic.gov.