Is it just me... or is this a little wierd? FDIC seizes Bank of Clark County

.

The problem here isn't necessarily that the bank was seized... although, if the Bank Owned By America can get bailed out every hour on the hour, you might think that they could toss a few bucks our way... but, what the hell, I never pretended to know anything about bank type issues... except that the bail out is NOT working and Obama's massive increase in our debt will NOT work... that much I DO know.

No, the problem is the stunning speed of it all.

According to the Columbian (which certainly guarantees nothing in the accuracy realm) the following steps took place in the following order and the following times:

1. At close of business today, a swarm of regulators descended on the BCC.
2. Within an hour, apparently, they:

a. Took control of the bank and it's assets and
b. sold the bank and most of it's assets to Umpqua Bank of Roseburg amd
c. will reopen on Tuesday as Umpqua Bank.

Dozens of federal and state regulators file in to the Bank of Clark County on Friday January 16, 2009, in order to close the institution and secure its assets. (The Columbian/Zachary Kaufman)

Right now, it looks like 138 depositors not possessed of awareness of FDIC limitations on the size of accounts (that is, people dumb enough to keep accounts over $250,000) are at risk of losing those "excess" funds.

Now, I've worked in government. Spent several years in a variety of staff capacities. During that time, I had the chance to see the process that Jefferson likened to watching the making off sausage.

Typically, government moves at the speed of set concrete. This particular transaction, however, seems to have moved at the speed of light in a vacuum. So fast, in fact, that I have never seen anything like it. It has, in fact, an almost "Twilight Zone-ish" aura around it.

File this under "Things that make you go 'hhhhmmmmmm.'"

Business bank acquired by Umpqua Bank

Friday, January 16 6:19 p.m.

BY COURTNEY SHERWOOD
COLUMBIAN STAFF WRITER

The Bank of Clark County became the first locally based bank to fail in recent memory, following a ruling by state regulators that the Vancouver financial institution did not have adequate cash to stay in business.

Its two branches will open Tuesday under the control of Umpqua Bank, which has assumed all of its roughly $209 million in insured deposits.

Roseburg, Ore.-based Umpqua will also purchase $30.4 million of additional Bank of Clark County assets.

But Umpqua will not take over $39.3 million in uninsured deposits held in the 138 accounts that contained more than $250,000. Those account’s holders may not get all of their money back, and should call the Federal Deposit Insurance Corp. for more information at 800-822-9247 to schedule an appointment.

Bank of Clark County employees have a meeting on Friday January 16, 2009, before dozens of federal and state regulators arrive to close the institution and secure its assets. (The Columbian/Zachary Kaufman)

The number will be answered Saturday from 9 a.m. to 6 p.m., Sunday noon to 6 p.m., and 8 a.m. to 8 p.m. starting Monday.

For the FDIC Web site on Bank of Clark County www.fdic.gov/bank/individual/failed/clark.html

Text of FDIC press release

OLYMPIA – The Washington Department of Financial Institutions (DFI) closed Bank of Clark County today, citing inadequate capital and liquidity. Immediately following the closure, the Federal Deposit Insurance Corporation (FDIC) took receivership. The FDIC entered into a purchase and assumption agreement with Umpqua Bank of Roseburg, Ore.

Both the main and single additional branch of Bank of Clark County will reopen on Tuesday, Jan. 20 after the Martin Luther King, Jr. holiday with no disruption in service. Online services may not be available until Monday.

More: