- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (4.29 mb PDF File - PDF Help)
- Bid Summary
- Receivership Termination
On Friday, December 16, 2011, Western National Bank, Phoenix, AZ was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.Back to top
The FDIC has issued a press release (PR-195-2011) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.Back to top
All deposit accounts, excluding the Cede & Co. deposits, have been transferred to Washington Federal, Seattle, WA ("assuming institution") and will be available immediately. The former Western National Bank locations will reopen as branches of Washington Federal during regular business hours.
Your transferred deposits will be separately insured from any accounts you may already have at Washington Federal for six months after the failure of Western National Bank. Checks that were drawn on Western National Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. For more information on deposit insurance, you may speak to an FDIC representative by calling 1-800-405-7869 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Washington Federal as long as the deposits are not pledged as collateral for loans. You may view more information about Washington Federal by visiting their web site.
Washington Federal (www.washingtonfederal.com)Back to top
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
The FDIC as Receiver for Western National Bank, has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership on July 29, 2013.
The Receiver has made all dividend distributions required by law.
Effective November 19, 2013, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.Back to top General Disclaimer