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Tick tock…the clock is ticking on another WA Bank June 28, 2010

Posted by Erik Swanson in Uncategorized.
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Friday, June 25, 2010

FDIC: Shoreline Bank ‘significantly undercapitalized’

Puget Sound Business Journal (Seattle)

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Shoreline Bank is considered “significantly undercapitalized” by the Federal Deposit Insurance Corp. and needs to immediately sell shares of stock or sell itself to another bank.

The FDIC warning said the Shoreline bank’s management “has not demonstrated the ability to return the bank to a safe and sound condition.” The agency is demanding that “prompt corrective action be taken immediately” because of the bank’s “deteriorating condition and management’s inability to return the bank to a safe and sound condition.”

Known as a “prompt corrective action directive,” the regulatory order is often the last directive a bank will receive before it is closed by the government.

Here’s a copy of the FDIC warning to Shoreline Bank and here’s a list of all of Washington state’s troubled banks.

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