Hometown National Bank, Longview, Washington, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Twin City Bank, Longview, Washington, to assume all of the deposits of Hometown National Bank.
The sole branch of Hometown National Bank will reopen as a branch of Twin City Bank during its normal business hours. Depositors of Hometown National Bank will automatically become depositors of Twin City Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Hometown National Bank should continue to use their existing branch until they receive notice from Twin City Bank that it has completed systems changes to allow other Twin City Bank branches to process their accounts as well.
This evening and over the weekend, depositors of Hometown National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of June 30, 2015, Hometown National Bank had approximately $4.9 million in total assets and $4.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Twin City Bank agreed to purchase approximately $3.8 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.
Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-930-1908. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; on Monday from 8 a.m. to 8 p.m., PDT; and thereafter from 9:00 a.m. to 5:00 p.m., PDT. Interested parties also can visit the FDIC’s website at https://www.fdic.gov/bank/individual/failed/hometownnatl.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.6 million. Compared to other alternatives, Twin City Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Hometown National Bank is the eighth FDIC-insured institution to fail in the nation this year, and the first in Washington. The last FDIC-insured institution closed in the state was Westside Community Bank, University Place, on January 11, 2013.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Accutest Biologics gets global Honour, India’s First Standalone Facility gears up to leverage growing global drug demand
Digit SQUAD Tech Day hosts the biggest tech influencers gathering in India
Hot Muggs launches `India Heritage’ traditional drinkware range with a twist
Subvention Schemes Ban – Only 8% of Total 280 Housing Projects Launched in Q2 2019 Affected
Jungo TV Joins Forces with Verizon Media to Power Global Ad Network
2014 The Global Indian New Network (TGINN)