The failure of a former credit union that converted first to a mutual bank and then to a fully stock issuing bank was looming on the horizon, according to press reports and government filings.
The Washington Department of Financial Institutions closed the Tacoma, Washington, based Rainier Pacific Bank as of close of business on Friday, Feb. 26. Under an arrangement with the FDIC, Oregon based Umpqua Bank will assume the deposits and some of the assets of the 14-branch Rainier Pacific.
The bank started its life in 1932 Tacoma Teachers Credit Union and went through several mergers over its life to eventually become Rainier Pacific Credit Union with a community charter in 1995. It converted to a state chartered mutual bank in 2001 and then to a fully stock issuing bank in 2003.
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