Attached files
| file | filename |
|---|---|
| 8-K - RAINIER PACIFIC FINANCIAL GROUP, INC. FORM 8-K - RAINIER PACIFIC FINANCIAL GROUP INC | k22610.htm |
Exhibit 99.1
**For Immediate
Release**
Rainier
Pacific Financial Group Announces FDIC Receivership
of
its Bank Subsidiary, Rainier Pacific Bank
Tacoma,
Washington – February 26, 2010–
Rainier Pacific Financial Group (NASDAQ CM: RPFG), the bank holding
company for Rainier Pacific Bank ("Bank"), announced today that on Friday,
February 26, 2010, Rainier Pacific Bank, the wholly-owned subsidiary of the
Company, was closed by the State of Washington, Department of Financial
Institutions, Division of Banks. The Federal Deposit Insurance
Corporation was appointed as receiver of the Bank. Customers who have
questions about the foregoing matters, or who would like more information can
visit the FDIC’s website located at http://www.fdic.gov/bank/individual/failed/rainier.html or
call the FDIC toll-free at 1-800-830-4725.
The
Company also announced that on February 26, 2010, concurrent with the closure of
the Bank, all of the directors of Rainier Pacific Bank resigned from its
board.
The
Company’s shares of Rainier Pacific Bank were its principal asset, and as a
result of the Bank’s closure, the Company will either be dissolved and
liquidated by its board of directors or file a Chapter 7 bankruptcy
proceeding for liquidation.
Any
questions should be directed to Jonathan W. Blado, Esq., of Blado Kiger, P.S.,
the Registered Agent of Rainier Pacific Financial Group as indicated
below.
Contact:
Jonathan
W. Blado, Esq.
Blado
Kiger, P.S.
Registered
Agent of Rainier Pacific Financial Group, Inc.
Bank of
America Building, 2nd
Floor
3408
South 23rd
Street
Tacoma,
WA 98405
(253)
272-2997