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2010 Washington Bank Failure #10 October 4, 2010

Posted by Sean Tufts in Research/Data.
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Shoreline Bank is the latest victim of the recession as bad real estate loans became too much for the bank to overcome.  The closure and sale is the 10th in Washington State this year and brings another out-of-state bank into the Puget Sound.  GBC International acquired all of Shoreline Bank’s assets with a loss-sharing agreement with the FDIC in place.  Most people, including me, have probably never heard of GBC.

Seattle Times article here.

GBC International press release.

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