SVBT: Depositors“ funds safe, accessible
From our weekly issue dated August 04, 2010
The former Home Valley Bank is now South Valley Bank and Trust (IVN file photo)
Since the Federal Deposit Insurance Corp. closed Home Valley Bank on July 23, the new ownership has delivered statements to reassure depositors of their account security.
But FDIC and William Castle, president and CEO of South Valley Bank, warn that depositors must take action to validate their “claim“ to their accounts.
“South Valley Bank & Trust (of Klamath Falls) now stands behind the loans and deposits of Home Valley Bank customers,“ wrote Castle. “Going forward, we will integrate our teams to facilitate the bank“s day-to-day operations.“
Customers will need to “claim“ their accounts within the next 18 months, Castle continued. Routine banking actions such as using a debit/ATM card, writing a check, making a deposit (electronic or in person) or using online bill-pay on an account are sufficient to claim an account. It“s recommended that customers visit a branch location or phone 541-476-4663 for help.
Former Home Valley Bank clients should experience no disruption in service, Castle said. Those who choose to withdraw “all or any portion“ of their funds held at the former Home Valley Bank will not be liable for early withdrawal penalties until a new deposit agreement is established with South Valley Bank & Trust.
For more information, phone 877-955-7082.
South Valley Bank & Trust has 25 locations in the Klamath/Lake, Central Oregon, Rogue Valley, and now Josephine County.
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