Friday, January 29, 2010
Lyn Peters, Director of Communications
PH (360) 902-8731 firstname.lastname@example.org
Brad Williamson, DFI Director, DFI Division of Banks
PH (360) 902-8704 email@example.com
FOR IMMEDIATE RELEASE:
Columbia State Bank Of Tacoma Purchases American Marine Bank Of Bainbridge Island After Closure By Washington DFI
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
OLYMPIA – The Washington State Department of Financial Institutions (DFI) closed American Marine Bank today, 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.
“American Marine’s capital has been depleted by large loan losses and resultant loan loss reserve provisions,” Brad Williamson, Director of DFI’s Division of Banks explained.
“We are always disappointed when a bank is unable to continue safe and sound financial operations,” DFI Director Scott Jarvis said. “We are pleased, however, to see the bank acquired by Washington State chartered Columbia State Bank. This is a good outcome for bank depositors and borrowers.”
American Marine Bank, headquartered in Bainbridge Island, Wash. has branches located in Kitsap, Clallam, Jefferson, Mason and King counties. All will be assumed by Columbia State Bank. The main office and all of American Marine’s 11 branches will reopen on Saturday, Jan. 30 for those with Saturday hours and on Monday, Feb. 1 for all locations as branches of Columbia State Bank.
"We warmly welcome former American Marine Bank customers into our network of 73 Columbia State Bank Branches in Washington and Oregon," said Melanie J. Dressel, President and Chief Executive Officer, Columbia Banking System. "While branches will open under new ownership, deposits are safe, accessible and remain FDIC insured to the maximum provided by law. We anticipate a smooth transition, and look forward to working with the American Marine Team, who have served their community so well."
Throughout the weekend and transition, American Marine Bank customers can access their funds by writing checks or using ATM or debit cards. Checks will continue to be processed. Loan customers should continue to make their payments as usual. Online services also will remain available.
As of Sept. 30, 2009, American Marine Bank had total assets of $361,356,000 and total deposits of $308,452,000.
American Marine Bank customers seeking more information about the closure should visit www.dfi.wa.gov/banks/americanmarine.htm or www.fdic.gov/news/news/press/2010/index.html http://www.columbiabank.com, or www.americanmarinebank.com.
For more information about deposit insurance for Washington banks and credit unions, visit www.dfi.wa.gov/consumers/deposits.htm. For details about FDIC coverage and requirements, visit www.fdic.gov or call toll-free 1.877.ASK.FDIC.
DFI recently released FAQs for bank business loan customers in turbulent times at http://dfi.wa.gov/banks/business-loan-faqs.htm.
About Division of Banks
www.dfi.wa.gov/banks ▪ 360.902.8704 ▪ 877.RINGDFI (746.4334) x 28704
The Washington State Department of Financial Institutions Division of Banks regulates more than 90 Washington State-chartered commercial banks, stock savings banks, mutual savings banks, foreign banks, savings and loan associations and independent trust companies. We charter new banks, business development corporations, trust companies, foreign banks and savings & loan associations. Also, we authorize new branches and branch closures; and approve mergers & acquisitions. Learn more about the Division of Banks.
www.dfi.wa.gov ▪ 360.902-8700 ▪ 877.746-4334
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: http://www.twitter.com/FinEd4All, www.twitter.com/DFIConsumers, www.finlit.blogspot.com, www.youtube.com/user/WADFI, www.homeownership.wa.gov.
Headquartered in Tacoma, Wash., Columbia Banking System, Inc. is the holding company of Columbia State Bank, a Washington state-chartered full-service commercial bank which was awarded second place in the large employer category by Seattle Business Magazine’s 100 Best Companies to Work For 2009 and was designated one of Puget Sound Business Journal’s “Washington’s Best Workplaces 2009.”
With the Jan. 22, 2010 FDIC-assisted acquisition of Columbia River Bank, Columbia Banking System has 73 banking offices in 10 counties in Washington State, and 11 counties in Oregon. Columbia State Bank does business under the Bank of Astoria name at the Bank of Astoria’s former branches located in Astoria, Warrenton, Seaside and Cannon Beach in Clatsop County and in Manzanita and Tillamook in Tillamook County. More information about Columbia can be found on its Web site at www.columbiabank.com.