“Others want to know how stockholders will be affected.
Investor Tom Lloyd of Olympia, a banker for 44 years who worked for First Community Bank before it evolved into Venture Bank, wondered Tuesday [Sept. 15] what happened to his stock in Venture Financial Group. A spokesperson for Venture Financial could not be reached.
First Citizens did not acquire Venture Financial, the bank-holding company for Venture Bank, and the Federal Deposit Insurance Corp. regulates only banks and not bank-holding companies. Bank-holding companies are regulated by the Federal Reserve.
According to the Federal Reserve Bank of San Francisco, once a bank closes, the bank-holding company ceases to exist as a bank-holding company, although it does exist as a regular corporation. If the corporation has assets and liabilities to pay, it can voluntarily or involuntarily file for bankruptcy protection,” quoting The Olympian.
“FATE OF VENTURE FINANCIAL REMAINS UNCLEAR”
From the Business Examiner