Evergreen Bank was closed Jan. 22 by the Washington Department of Financial Institutions.

The bank’s seven locations in Puget Sound were assumed by Umpqua Bank after a winning bid with the Federal Deposit Insurance Corporation (FDIC).

Federal Way had one Evergreen branch at 31433 Pacific Highway S. The only change customers will notice is the new name, which took effect Jan. 25. Otherwise, it’s business as usual. All employees at the branch will keep their jobs.

“It’s just a tough time for banks,” said Umpqua CEO Ray Davis on the failure of Evergreen. Davis said Umpqua is a “very capital rich, very liquid institution” with plans for expansion in the Puget Sound region.

Umpqua, headquartered in Portland, Ore., has 162 locations between San Francisco and Seattle.