Columbia State Bank Purchases American Marine Bank
On Friday, January 29, 2010, the Washington Department of Financial Institutions (DFI) closed American Marine Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of American Marine Bank.
The FDIC immediately entered into a purchase and assumption agreement with Columbia State Bank, headquartered in Tacoma, Wash. Columbia State Bank will assume all deposits and certain assets of American Marine Bank, except certain brokered deposits, which will be paid out by the FDIC.
Information For American Marine Bank Customers
- Columbia State Bank will assume all deposits and certain assets of American Marine Bank, except certain brokered deposits, which will be paid out by the FDIC.
- Depositors of American Marine Bank will automatically become depositors of Columbia State Bank.
- American Marine branches with normal operating hours on Saturday will reopen as branches of Columbia State Bank on Saturday, the rest will reopen on Monday as branches of Columbia State Bank.
- Throughout the weekend, depositors of American Marine Bank can access their funds by writing checks or using ATM or debit cards.
- Checks drawn on the bank will continue to be processed.
- Loan customers should continue to make their payments as usual.
Resources For American Marine Bank Customers
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Columbia State Bank Web Site
Information about Columbia State Bank. -
Information From The FDIC
Answers to FAQs about the closure of American Marine Bank from the FDIC.
Public Deposits
The Public Deposit Protection Commission (PDPC) is comprised of the State Treasurer, Governor, and Lieutenant Governor. The PDPC makes and enforces regulations and administers a program to ensure public funds deposited in banks and thrifts are protected if a financial institution becomes insolvent.
Deposit Insurance For Washington Banks & Credit Unions
DFI wants to assure depositors that most deposits in Washington state chartered banks and credit unions are insured up to $250,000.
Banks and credit unions doing business in Washington State have federal deposit insurance through the Federal Deposit Insurance Corporation (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions. The NCUA's deposit insurance is called the National Credit Union Share Insurance Fund (NCUSIF).
Information For The Media
Media Contacts
-
Lyn Peters, Director of Communications
PH (360) 902-8731 lyn.peters@dfi.wa.gov - Brad Williamson, DFI Director, DFI Division of Banks
PH (360) 902-8704 banks@dfi.wa.gov
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