Columbia River Bank fails, Columbia State Bank steps in
Customers of Columbia River Bank may not recognize their local branch in Yakima or the Tri-Cities on Monday after regulators closed the institution over the weekend and began transferring assets to Columbia State Bank.
The Oregon Department of Consumer and Business Services (DCBS) says The Dalles based bank had been experiencing critically low levels of capital and ultimately became insolvent.
Regulators closed the bank on Friday and federal authorities stepped in to prevent and interruption in service to the bank's customers. Tacoma based Columbia State Bank took possession of all accounts including deposits and loans from the Federal Deposit Insurance Corporation.
Columbia River Bank had 21 offices in Washington and Oregon and as of last fall had $1.1 billion in assets. Columbia State Bank will add those resources to its 50 offices and $3.2 billion in assets.
Some branches made the change on Saturday if they had business hours scheduled over the weekend, all remaining offices will make the change Monday.
There will be no loss of deposits because all operations including loans are being acquired by another bank, according to the DCBS.