New name, same service
Rabobank buys Butte Community Bank after a federal takeover of the struggling lender
Butte Community Bank customers may not have noticed that the institution has changed hands. The only sign from the outside of the Mangrove Avenue branch (pictured) was a few posters on the glass doors.
BCB is now Rabobank, which, according to the company, is “a strong and well-capitalized California community bank offering full retail, commercial and agricultural banking services.”
California Department of Financial Institutions announced BCB’s closure on Friday (Aug. 20) due to its inadequate capital and weakened condition, and the Federal Deposit Insurance Corp., which took receivership of the institution, had already secured a buyer.
According to Rabobank, former BCB customers have the same access to accounts and should be able use their existing debit, credit and ATM cards, as well as checks and deposit slips. In other words, despite the name change, the new bank is saying its doing business as usual.