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Feb-20-2009 18:33printcomments

Silver Falls Bank Second Oregon Bank to Fail

Silver Falls Bank of Silverton, Oregon, was closed today by the Oregon Department of Consumer and Business Services.

bank closed

(Salem) - To protect the depositors, the FDIC entered into a purchase and assumption agreement with Citizens Bank of Corvallis, to assume all of the deposits of Silver Falls Bank.

As of February 9, 2009, Silver Falls Bank had total assets of approximately $131.4 million and total deposits of $116.3 million. Citizens Bank did not pay a premium to acquire the deposits of Silver Falls Bank.

`Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-760-3639.

The phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 p.m. to 6:00 p.m., PST; on Sunday from Noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST.

Customers who would like more information about today's transaction can also visit the FDIC's Web site at FDIC: Information for Silver Falls Bank, Silverton, OR.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $50 million.

The Citizens Bank acquisition of all the deposits of Silver Falls Bank was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives.

Columbia River Bank of The Dalles 4th Oregon bank to fail
FDIC Friday Takes Another Oregon Bank (August 07 2009)
Silver Falls Bank Second Oregon Bank to Fail
FDIC closes Pinnacle Bank in Beaverton
Last Friday Pinnacle Bank of Beaverton was the first bank in Oregon to be closed since the 1991 recession.

Silverton Bank is the second bank to fail in Oregon this year and the 14th in the nation.

Comments Leave a comment on this story.

All comments and messages are approved by people and self promotional links or unacceptable comments are denied.

Christian Biggot February 23, 2009 6:23 am (Pacific time)

God is punishing silverton for having a transexual mayor.

Cody February 22, 2009 5:33 pm (Pacific time)

...This is ridiculous. I don't know what to say other than that the continued failure of banks comes from the continued failure of banks to use money wisely.

ChrisJones February 21, 2009 12:27 am (Pacific time)

So we (oregon) represent 1/7 of the banks that have failed then? I see a trend developing...

ahmedsofty February 20, 2009 7:46 pm (Pacific time)


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Sean Flynn was a photojournalist in Vietnam, taken captive in 1970 in Cambodia and never seen again.

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