In a filing with the U.S. Securities & Exchange Commission today, Venture Financial Group Inc., the holding company for the former Venture Bank, reported that its board of directors will be discussing soon a winding down of the corporate affairs.
The holding company lost most of its assets when state regulators closed the bank last Friday and federal bank overseers sold it to First-Citizens Bank and Trust of North Carolina.
In today’s filing, Venture Financial noted, “As the owner of all of the capital stock of Venture Bank, (it) will be entitled to the net recoveries, if any, following the liquidation or sale of the bank or its assets by the FDIC. However, managers do not anticipate that any recovery will be realized.”
Today’s SEC filing also stated, “Based on the holding company’s current financial condition, its board of directors will evaluate options for winding down its affairs, which may include the dissolution pursuant to Washington state law. Managers intend to contact all creditors of the holding company to begin the process of reaching agreement on an equitable distribution of assets outside of any bankruptcy proceeding to reduce expenses and maximize payments.”
Shareholders this week received their own letter from Venture Financial, suggesting that they make plans with their personal investment advisors to realize a total loss of their investment in common stock issued by Venture Financial.