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All deposit accounts, except brokered deposits, have been transferred in their entirety to Kitsap
Bank, based in Port Orchard, WA. All former Westsound Bank offices will
reopen for normal business hours on Monday, May 11, 2009, as branches of
Kitsap Bank.
As an All-Deposit Transfer transaction, the total of all deposit accounts, except brokered deposits,
whether within FDIC insurance limits or not, have been assumed by Kitsap Bank
and will be available for business as usual.
It is possible a depositor’s account was held due to delinquent loans where the depositor is the borrower or guarantor. Additionally, any account pledged as collateral for a loan will continue to be held. A letter will be sent informing you of any holds placed by the FDIC, along with instructions on how to proceed. If you have any questions regarding these holds, please call your loan officer or the FDIC at the number provided in the letter.
You will be able to continue using your personal checks at this time, and your ATM/Debit card will continue to work.
Billpay will be unavailable over the weekend; however, it will be available on Monday morning.
Depository Trust & Clearing Company (DTCC) brokered deposits will be paid out directly by the FDIC. Brokers will not need to provide documentation to the FDIC. If you are a DTCC participant broker, you must contact DTCC with any questions. If you are a customer who has a Westsound Bank deposit through a broker, you must contact your broker with any questions.
Deposits purchased through a non-DTCC broker or deposits that may have been solicited via a money desk, internet subscription service or otherwise opened through an internet account or similar program will receive an FDIC insurance check.
A copy of this document or the press release (www.fdic.gov/news/news/press/2009/pr09069.html) can be provided since both documents state all deposits have been transferred to Kitsap Bank, and it is business as usual. Copies of this press release will be available at the former Westsound Bank branches. Depositors or merchants can also call the FDIC at 1-800-830-4735 or the former Westsound Bank branches.
Your account(s), except for brokered deposits, has already been transferred to Kitsap Bank, and your account(s) will be handled as usual. Any withdrawal, renewal or additional deposits will “claim” your account. Please be advised that if there is no activity in your account in the next 18 months, that money will be turned over to your state as unclaimed property. Unclaimed property can be located by visiting www.missingmoney.com or contacting your state treasurer’s office or office of unclaimed property.
All deposits (both insured and uninsured) of Westsound Bank, except brokered deposits, have been
transferred to Kitsap Bank, and it will be business as usual. If you held
an account at Westsound Bank, you now have an account at Kitsap Bank that
is available to you at your former Westsound Bank branches during regular
business hours.
If you had a loan with Westsound Bank, please continue to make
your payments to the same address as you have in the past until you are
instructed otherwise. Continue to make your checks payable to Westsound
Bank.
The former Westsound Bank locations will reopen for normal
business hours on Monday, May 11, 2009. You will have continued
access to your money through your ATM/debit card and by writing
checks.
Can Westsound Bank customers use Kitsap Bank branches?
No, not at this time. During the transition of Westsound Bank
records to Kitsap Bank systems, Westsound Bank customers should
continue to conduct their banking business at former Westsound
Bank branches. You will be notified when you can use Kitsap Bank
branches.
Similarly, existing Kitsap Bank customers cannot use former Westsound
Bank branches and should continue to conduct their business at
Kitsap Bank branches.
The transferred accounts will be separately insured for at least
six months after the merger. This grace period gives a depositor
the opportunity to restructure his or her accounts, if necessary.
CDs from the assumed bank are separately insured until the earliest maturity date after
the end of the six-month grace period. CDs that mature during the six-month period and
are renewed for the same term and in the same dollar amount (either with or without accrued interest)
continue to be separately insured until the first maturity date after the six-month period.
If a CD matures during the six-month grace period and is renewed on any other basis, it would be
separately insured only until the end of the six-month grace period.
Direct Deposits will continue as normal, including Social Security checks. If you need to change anything in the future, please contact or visit your former Westsound Bank branch location to make those arrangements.
No. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with your new bank. Entering into a new deposit agreement can be done by either renewing your CD or making a deposit to, or a withdrawal from, your account.
You will receive your account statements at the same time you have received them in the past.
All interest on deposits accrued through Friday, May 8, 2009,
will be paid at your same rate. Kitsap Bank will be reviewing rates and
will provide further information soon.
If you deposited funds through a broker, the interest will
accrue and be paid through Friday, May 8, 2009.
Interest checks and cashier's checks will continue to clear.
Over the weekend, retail online banking will be in read-only mode. Corporate online banking service will not be available during the weekend. The bank’s website will be available for regular transactional services for both areas on Monday, May 11, 2009.
Yes, all deposits, including IRAs have been transferred in their
entirety to Kitsap Bank. IRA funds are insured separately from other
types of accounts up to $250,000.
If you close your IRA before maturity, you have 60 days to roll this over into
another retirement vehicle. You should consult IRS Publication 590 and/or your
tax advisor concerning the possible tax consequences of such distribution. IRS
Publication 590 may be obtained by contacting your local IRS office or via the
Internet at www.irs.gov.
No. All accounts have been transferred in their entirety to Kitsap Bank and will be available starting on Monday, May 11, 2009.
Checks drawn on Westsound Bank that did not clear before Friday, May 8, 2009, will be honored up to your available balance.
Please contact a representative of your new bank at your former Westsound Bank branch location to obtain a copy of any records you may need or visit your branch.
Kitsap Bank will be responsible for mailing your 1099 tax information. Your 1098 reporting will be done by the FDIC or the servicer of your loan. You will be notified of any changes in ownership or servicing of your loan.
All deposits have been transferred in their entirety to Kitsap Bank; therefore, there are no uninsured deposits.
Please contact your former Westsound Bank branch location to obtain information regarding your wire request.
Loan customers should review this section. If you still have questions once your review is complete, you may contact the FDIC loan center at 360-475-9367.
You should experience no disruption in this service. We encourage you to check your bank account the day after your scheduled draft to verify the transaction. If the transaction did not occur, please notify your loan officer and we will research your loan.
Each loan is being reviewed independently, and you should direct your questions to your loan officer. These will be determined on a case-by-case basis.
Each loan is being reviewed independently and will be determined on a case-by-case basis. You should direct your questions to your loan officer.
All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, please notify your loan officer immediately.
No. The current fee structure will remain the same.
At this point, we have suspended all foreclosure actions in order to properly evaluate the loans and the borrower’s ability to repay. It is our intention to sell all loans, and it will be up to the new owner to determine the best method of collection on the loan. There may be instances where the FDIC will continue with the foreclosure process, but this will be done on a case-by-case basis.
Your loan is currently owned by the FDIC and is being serviced by all of the same personnel with whom you have worked in the past. All prior contacts remain the same.
Your loan may be sold at a future undetermined date. If that occurs, you will be notified in advance through written correspondence. If you are concerned about whom your future lender or servicer will be, you have the right to independently refinance your loan with another lender.
All lines of credit, including Home Equity Lines of Credit (HELOCs), have been suspended at this time and have been retained by the FDIC. You may contact Kitsap Bank to discuss establishing a borrowing relationship.
Please contact your loan officer directly.
This will be determined on a case-by-case basis. Please contact your loan officer.
The FDIC will review offers made to purchase real property from the former Westsound Bank and will respond to the offers as soon as possible. The review process includes ordering a new appraisal, which could take up to 60 days or more.
The FDIC, as Receiver, has hired CB Richard Ellis (CBRE) to handle the management and disposition of real property acquired from the institution. If you have questions regarding the status of your offer please feel free to contact CBRE directly. Below is the contact information for CBRE:
Kim Celoni CB Richard Ellis / Global Corporate Services FDIC Account 2100 Ross Avenue, Suite 400 Dallas, TX 75201 1-866-260-8505 Email: mailto:FDIC-ORE@cbre.com |
Yes. These lines have been transferred to Kitsap Bank. Please contact your new bank if you have additional questions regarding your accounts.
You should continue to make your payments as agreed. Make checks payable to Westsound Bank and utilize the same payment address information. You may continue to make your payments at the branch or by phone via check or credit card.
Any pre-payment penalty will be waived as long as FDIC as Receiver for Westsound Bank has control of the asset, and the borrower obtains refinancing of the outstanding balance on the account with another financial institution.
The FDIC as Receiver for Westsound Bank will not be originating any new
loans.
If your loan has been approved by the SBA, but is not yet funded, please
contact your loan officer. He will direct you to the proper SBA contact
to help you locate another approved lender.
If your loan is in process, but is not yet approved by the SBA, we will
release your SBA package on file with us to you, and you will need to apply
with another SBA-approved lender. Please contact your loan officer to make
arrangements to retrieve your application from the bank.
Each loan is currently being reviewed independently to determine the best action for that individual loan. If you are concerned about whom your future lender or servicer may be, you have the right to independently refinance your loan with another lender.
The FDIC is required by law to employ the least-cost resolution measure for each failed financial institution. The most frequent result is for the FDIC to transfer only the insured deposits in a merger transaction. The FDIC is only able to transfer all deposits if the uninsured amounts are covered by the premium. The FDIC has been able to transfer all deposits in about 25% of the failures over the past 15 years.
You may access our website, which contains deposit insurance information and an Electronic Deposit Insurance Estimator (EDIE):
Deposit Insurance | (www.fdic.gov/deposit/index.html) |
Are my deposits insured? | (www.fdic.gov/deposit/deposits/index.html) |
EDIE | (www.myfdicinsurance.gov) |
You may also order any FDIC publication:
FDIC Public Information Center 3501 North Fairfax Drive Room E-1002 Arlington, VA 22226 703-562-2200 Phone 703-562-2296 Fax publicinfo@fdic.gov |
Please contact the Office of Public Affairs:
David Barr 202-898-6992 dbarr@fdic.gov |
Yes. Your deposit at Kitsap Bank is insured by the FDIC, and each depositor is insured to at least $250,000, as established by law.
It is business as usual. You may go to your branch and access your safe deposit box or make appointments by calling your former Westsound Bank branch location.
The Westsound Bank had no publicly owned stock. Equity shareholders were invested in the holding company, WSB Financial Group, Inc. Bremerton, WA and not in the bank. Please do not file a claim with the Receiver, rather contact the holding company with any questions you may have:
Tom Sterken (tsterken@kellerrohrback.com)
Keller Rohrback LLP
1201 Third Ave, Suite 3200
Seattle, WA 98101
206-623-1900 - Office
206-623-3384 – Fax
Please send your bills to the following address:
FDIC as Receiver for Westsound Bank 40 Pacifica Irvine, CA 92618 |
You may access information about doing business with the FDIC at
Procurement
Opportunities (www.fdic.gov/buying/goods/opportunities/index.html)
You must also register in the Central Contractor Registration database at
www.ccr.gov.
Entry into the database is not a guarantee that a contractor will receive a future solicitation.
You may also call 1-866-308-4470 for more information or send an email to
ProcurementOpportunities@fdic.gov.
Please include a statement of your corporate capabilities, contact information and Minority
or Women-Owned Business (MWOB) status, if any.
To review positions currently available at the FDIC, visit
Careers at FDIC (www.fdic.gov/about/jobs/index.html).
Last Updated 05/11/2009 | Customer Service |
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