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Westside Community Bank - FAQ
Welcome to Sunwest Bank. Your deposits and business affairs with former Westside Community Bank are more secure than ever due to Sunwest Bank’s capital position. While the Westside Community Bank name has changed, the commitment to meeting your financial needs remains strong as ever. Sunwest Bank is here to support you.
What happened to Westside Community Bank?
On January 11, 2013, Westside Community Bank was closed by the Washington State Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Sunwest Bank, headquartered in Irvine, CA acquired all of the deposits and assets of Westside Community Bank from the FDIC as Receiver for Westside Community Bank. The former Westside Community Bank will reopen Monday, January 14, 2013 as part of Sunwest Bank. Due to regulatory policy, advance notice to customers or the public is not allowed when a bank is closed.
What happened to my accounts?
All of your Westside Community Bank accounts are secure with Sunwest Bank. This includes all deposit accounts such as checking, savings, money market, Certificate of Deposit (CD) and retirement accounts. All direct deposits, including Social Security, will continue to be credited as normal. You can continue to bank as you always have without interruptions. In addition, all automatic payments will continue to be processed.
Are my deposits safe?
Yes. Sunwest Bank is a well-capitalized, strong, and trusted community bank. Depositor accounts at Sunwest Bank will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
The accounts transferred to Sunwest Bank under the assumption agreement will be separately insured for at least six months after January 11, 2013. This grace period gives a depositor the opportunity to restructure the accounts, if necessary.
CDs from the Westside Community Bank are separately insured until the earliest maturity date after the end of the six-month grace period. If the earliest maturity date of the CD is after this six-month period, the separate insurance will continue until this maturity date. If the maturity date is within the six months, (1) if the CD is renewed at the same dollar amount and for the same term as the original deposit, the separate insurance will last until the first maturity date after the six-month period; and, (2) if the deposit is renewed on any other basis or is not renewed at all, the separate insurance will only last until the end of the six-month period.
If you have a Certificate of Deposit (CD) with Westside Community Bank, please be advised that we will honor the existing maturity date; however, the interest rates on CD’s will be adjusted. Effective January 18, 2013, CDs with a remaining maturity of 179 days and less will have a new Annual Percentage Yield (APY) of .05%. CDs with a remaining maturity of greater than 180 days to 364 days will have a new APY of .10%. CDs with a remaining maturity of 365 days to 730 days will have a new APY of .25%. CDs with a remaining maturity of more than 730 days will have a new APY of .35%.
Depositors may either enter into a new CD agreement with Sunwest Bank or withdraw their deposits without penalty until the first maturity after January 11, 2013 (we will refer to this period as the “Penalty Free Withdrawal Period”).
After the Penalty Free Withdrawal Period, Sunwest Bank’s standard early withdrawal penalty will apply and be calculated as follows: If term is 7-31 days – all interest earned on amount withdrawn but no less than amount of interest that could have been earned during period equal to half the actual term of the account. If term is 365 days or less, $12 per $1,000 withdrawn, withdrawal amount rounded up to next highest $1,000. If term is 366 days or greater $40 per $1,000 withdrawn, withdrawal amount rounded up to next highest $1,000.
Please contact your branch office if you have questions about your CD or any deposit account:
University Place Branch - Phone (253) 565-9737 - Fax (253) 565-9705
Downtown Puyallup Branch- Phone (253) 770-7744 - Fax (253) 770-8822
For the most current and comprehensive information regarding your FDIC insurance protection, please visit FDIC.gov.
Can I still use my Westside Community Bank checks, deposit slips, ATM/Debit card, and online banking?
Yes. Please use all of your account features and transact your accounts just as you always have. Sunwest Bank will gladly process your checks and deposit slips bearing the Westside Community Bank name, and businesses will continue to honor your Westside Community Bank checks and debit card transactions for purchases.
What if I want to close my accounts?
There is no need to close your Westside Community Bank accounts unless you would like to do so for personal reasons. You are a valued client of Sunwest Bank and we invite you to continue your banking relationship with us.
Who is Sunwest Bank?
With over 40 years in business, Sunwest Bank is one of the strongest community banks in the western region of the United States. Named a “Best Performer” in American Banker magazine’s May 2012 issue, Sunwest Bank was ranked 4th out of the top 200 community banks and thrifts nationwide, as ranked by a three-year average return on equity. Sunwest Bank has banking offices in Tustin, Anaheim, Irvine, Laguna Hills and San Clemente, California. In addition, the bank has branches in Flagstaff and Cottonwood, Arizona. The bank specializes in meeting the credit and cash management needs of small and mid-size businesses.
Can I do my banking at other Sunwest Bank locations or online at SunwestBank.com?
Until we have fully integrated the Westside Community Bank systems with ours, please continue using your current branch and Internet banking system. Westside Community Bank customers can log in to their respective Internet banking systems as they would normally. Once we notify you that we have integrated Westside Community Bank's systems, you will be able to utilize the entire Sunwest Bank branch network and online banking options as you wish.
Unpaid Bills: I did some work for Westside Community Bank and have not been paid. What should I do?
All claims against Westside Community Bank, together with proof of the claims, must be submitted in writing to the Receiver at the following address.
FDIC As Receiver For Westside Community Bank
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
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