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3 down in Washington…American Marine Bank closed, sold to Columbia State January 31, 2010

Posted by Erik Swanson in Articles, Research/Data.
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3 down and counting…Friday evening regulators swept in and closed the struggling American Marine Bank. This is the 3rd bank closure in 2010 and the 6th in Washington State since the beginning of ’09.  American Marine’s 12 locations will re-open Monday as Columbia State Bank branches. Columbia State also acquired Columbia River Bank just last week.

American Marine Bank's main branch and headquarters on Bainbridge Island. –Staff Photo / Brad Camp Seattle PI

According to Costar, Washington has the sixth highest number of banks in the nation considered to be in trouble with over 60% believed to be unprofitable: CoStar-Webinar-State Of Retail Mkt-2009. Former and current banking “insiders” that we spoke with last week speculate that as many as 10 to 20 more could be seized by year’s end. And for some it’s not a matter of if they’ll close, it’s when. It seems the only thing delaying the inevitable is that the FDIC is just too busy elsewhere. Last week, five other banks in Florida, Georgia, Minnesota, and California were shut down. If the seizures continue at this pace we would see a record number of 180 closures for 2010, 40 more than last year’s national total.

It’s hard to know how this will affect our local CRE market. In the short-term, lending uncertainty will likely continue. Long term, we’re hopeful that it facilitates an increase in investment sales as lenders continue to off-load their troubled assets.

via American Marine Bank closed, sold to Columbia – Puget Sound Business Journal (Seattle):.

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