FDIC: Charter Oak Bank Fail: California

FDIC: Charter Oak Bank - Napa  California: "Charter Oak Bank, Napa, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Marin, Novato, California, to assume all of the deposits of Charter Oak Bank.

The two branches of Charter Oak Bank will reopen on Tuesday as branches of Bank of Marin. Depositors of Charter Oak Bank will automatically become depositors of Bank of Marin. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Charter Oak Bank should continue to use their existing branch until they receive notice from Bank of Marin that it has completed systems changes to allow other Bank of Marin branches to process their accounts as well.

This evening and over the weekend, depositors of Charter Oak Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual."