It was announced yesterday that Silver Falls Bank failed. The FDIC closed the bank and Citizens Bank out of Corvallis is purchasing the bank. Those branches will reopen on Monday as usual except they will be Citizens Banks.
We here in Oregon had spent 2007 and 2008 somewhat insulated from the disasters befalling some other states. With the failure of a Beaverton bank last week, this current failure reminds us that we are affected as well.
Real estate here in Salem Oregon area is heading for a difficult 2009. Financing continues to tighten, making it more difficult for buyers to purchase. Silver Falls Bank had closed their mortgage business a while ago in hopes of stemming the tide and surviving, but clearly they weren’t able to overcome their losses.
If you have an account at Silver Falls Bank you can go to the FDIC website for more information about how this might impact you.