State officials closed down Seattle-based Evergreen Bank today. The bank will reopen it Monday as branches of Umpqua Bank headquartered in Roseburg, Ore.
The bank, which has a Lynnwood branch near Alderwood Mall, had inadequate capital and severe loan losses, according to the state Department of Financial Institutions.
The state transferred the bank to the Federal Deposit Insurance Corp., which immediately sold it to Umpqua Bank.
“Evergreen’s capital has been depleted by large loan losses,” said Brad Wiliamson, director of the state division of banks. He said losses in real estate construction were its undoing. Ray Davis, CEO of Umpqua, promised a smooth transition.
Throughout the weekend, customers can access their funds using ATMs, debit cards, checks or online services.
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