Friday, January 29, 2010

Bank Failure #15: American Marine Bank, Bainbridge Island, Washington

by Bill McBride on 1/29/2010 09:04:00 PM

One five by two nine
The first month of twenty ten
Not a record....yet.

by Soylent Green is People

From the FDIC: Columbia State Bank, Tacoma, Washington, Assumes All of the Deposits of American Marine Bank, Bainbridge Island, Washington
American Marine Bank, Bainbridge Island, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, American Marine Bank had approximately $373.2 million in total assets and $308.5 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.9 million. ... American Marine Bank is the 15th FDIC-insured institution to fail in the nation this year, and the third in Washington. The last FDIC-insured institution closed in the state was Evergreen Bank, Seattle, on January 22, 2010.
That makes six.