Heritage Bank

Security InformationHeritage @ Home

Login

Information

Frequently Asked Questions: Pierce Commercial Bank Acquisition

General Questions

Q: What happened at Pierce Commercial Bank?
A: As of close of business Friday, November 5, 2010, the Washington Department of Banking and Financial Institutions closed Pierce Commercial Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Pierce Commercial Bank. The FDIC quickly moved to protect depositors by arranging for a deposit transfer through a purchase and assumption transaction.

Q: When is this taking effect?
A: This change occurred at 5:00 pm Friday, November 5, 2010.

Q: Will Pierce Commercial Bank become Heritage Bank?
A: Yes. Pierce Commercial's branch will open on Monday, November 8, 2010, as Heritage Bank. Depositors of Pierce Commercial Bank will automatically become depositors of Heritage Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. 

Deposit Questions

Q: How will this affect former Pierce Commercial Bank customers?
A: Heritage Bank’s assumption of deposits allows Pierce Commercial Bank consumers and businesses to continue access to their deposits. If you held an account at Pierce Commercial Bank, you now have an account at Heritage Bank. You will have continued access to your money through your ATM/debit card, online banking and by writing checks.

Q: Can I continue to write checks, use my ATM/debit card or access online banking/bill pay?
A: Yes. You will be able to continue using your personal and business checks, have access to online banking and bill pay and access with your ATM/debit card.

Q: A merchant will not honor my check. What can I do?
A: If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks.

Q: What if my deposits exceeded the FDIC deposit insurance limit?
A: All of your deposits were transferred and are safe and currently available with Heritage Bank. 

To check whether your account is fully insured: Click Here
Electronic Deposit Estimator: Click Here

For further questions contact the FDIC Call Center at 1-800-822-9247, hours of operation (pacific time) are 8 am – 8 pm.

Q: What will happen to my direct deposits?
A: Direct Deposits will continue as normal, including Social Security checks. If you need to change anything in the future, please contact or visit your local branch to make those arrangements.

Q: Will my automatic payments through bill pay continue?
A: Yes. Bill pay automatic payments will continue.

Q: Will I lose anything on my deposit account?
A: No. YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this institution.

Q: Will I incur an early withdrawal penalty if I close my CD before maturity?
A: No. You may withdraw funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Heritage Bank.

Q: Will I continue to earn interest at the same rate?
A: If you had a certificate of deposit (CD) with Pierce Commercial Bank, Heritage Bank will send you a letter by November 15, 2010 advising you what it plans to do with current interest rates. You may withdraw funds from any CD without early withdrawal penalty until you enter into a new deposit agreement. Please also see Notice to Depositors from the FDIC for additional information.

Q: What will happen to the checks which have not cleared my account?
A: Checks that were drawn on Pierce Commercial Bank that did not clear before the institution closed will be honored up to your available balance.

Q: What if I need information regarding my account during the time Pierce Commercial Bank was in business?
A: Please contact a representative at your local branch to obtain a copy of any records you may need. 

Loan Questions

Q: What will happen to my loan with Pierce Commercial Bank?
A: If you had a loan with Pierce Commercial Bank, you should continue to make your payments as usual. The terms of your loan will not change, because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice. If you have further questions regarding an existing loan, please contact your loan officer.

For all questions regarding new loans and the lending policies of Heritage Bank, please contact your branch office. Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

About Heritage Bank

Q: Who is Heritage Bank?
A: Heritage Bank is a subsidiary of Heritage Financial Corporation (NASDAQ: HFWA), serving the Pacific Northwest with 24 branches. We have worked effectively for more than 83 years to build a company with strong liquidity, capital and credit quality. We are a true community bank, seeking deposits from our communities and making loans to customers who have local ties to our markets.

Q: Does Heritage Bank serve individuals and businesses?
A: Yes. Heritage Bank offers a wide range of personal and business banking products and services. Additionally, Heritage offers Trust and International Services. We also offer a full range of investment banking services through Heritage Investment Services.

Q: Where is Heritage Bank located?
A: Heritage Bank is headquartered in Olympia, Washington and has 24 locations throughout the Pacific Northwest. We will also be converting the Pierce Commercial Bank location into a Heritage Bank branch on Monday, November 8, 2010, increasing our total branch count to 25. A full listing of Heritage Bank’s products, services and locations is available online at www.HeritageBankWA.com.

Q: What sets Heritage Bank apart?
A: Heritage Bank has been creating financial solutions for the needs of our neighbors since 1927. We are known as the "quality bank" because our staff works together as a team, focused on building lasting relationships to help customers reach their financial goals. We are dedicated to exceeding customers’ expectations. Combine this with a devoted focus on giving back to the communities through contributions and staff volunteer efforts you have exactly what customers and communities deserve from their local bank.

At Heritage Bank, you'll receive the personal attention you deserve. YOUR SUCCESS IS OUR VISION.

For complete details on the acquisition visit the FDIC website.

 

Serving the South Puget Sound Region of Western Washington