GBC International Bank Purchases Shoreline Bank
On Friday, October 01, 2010, the Washington Department of Financial Institutions (DFI) closed Shoreline Bank, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Shoreline Bank.
The FDIC immediately entered into a purchase and assumption agreement with GBC International Bank headquartered in Los Angeles. GBC International Bank will assume a majority of the deposits and assets of Shoreline Bank. A limited amount of the bank’s assets will be retained and certain brokered deposits will be paid out by the FDIC.
Information For Shoreline Bank Customers
- GBC International Bank will assume a majority of the deposits and assets of Shoreline Bank. A limited amount of the bank’s assets will be retained and certain brokered deposits will be paid out by the FDIC
- Depositors of Shoreline Bank will automatically become depositors of GBC International Bank.
- The North 175th Street location will reopen on Saturday and the remaining two locations will reopen Monday as branches of GBC International Bank.
- Throughout the weekend, depositors of Shoreline 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 Shoreline Bank Customers
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GBC International Bank Website
Information about GBC International Bank. -
Information From The FDIC
Answers to FAQs about the closure of Shoreline 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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