FIs closed: American Marine Bank, Bainbridge Island, Washington, USA
On Friday, January 29, 2010, American Marine Bank, Bainbridge Island, Washington, USA was closed by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
The FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of American Marine Bank.
The 11 branches of American Marine Bank reopened on Saturday as branches of Columbia State Bank. Depositors of American Marine Bank will automatically become depositors of Columbia State Bank.
As of 30 September, 2009, American Marine Bank had approximately USD373.2 million in total assets and USD308.5 million in total deposits.
Columbia State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of American Marine Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD58.9 million.
American Marine Bank is the 15th FDIC-insured institution to fail in the nation this year and the third in Washington.
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