American Marine Bank taken over by FDIC Friday
By
Bainbridge Island Review Staff
January 29, 2010 · 6:55 PM
After 61 years, Bainbridge's only home-grown financial institution, American Marine Bank, has closed its doors.
Friday evening the Washington Department of Financial Institutions closed the bank, with the Federal Deposit Insurance Corporation as the recipient.
All 11 branches of AMB will reopen Saturday morning at 9 a.m. as a branch of Columbia State Bank out of Tacoma.
As a member of the FDIC, customer deposits remain available and federally insured. Customers of AMB will automatically switch to Columbia Bank.
As of September 30, 2009, American Marine Bank had approximately $373.2 million in total assets and $308.5 million in total deposits.
The first sign of trouble for AMB came in December when it agreed to an FDIC overview of its loan policies.
Like many other banks in the region, AMB has experienced defaults in real estate and participation loans since the economy’s real estate-fueled downturn began last year.
For example, AMB was the primary lender for White Horse Development and Golf Club in Kingston, which opened two years ago and filed Chapter 11 bankruptcy in August.
Contact Bainbridge Island Review Staff at editor@bainbridgereview.com or 206-842-6613.Comment on this story.
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