Originally published January 29, 2010 at 1:33 PM | Page modified January 29, 2010 at 1:47 PM
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Shoreline Bank told to improve operations
Shoreline Bank is the latest Washington community bank to come under closer regulatory oversight, the Federal Deposit Insurance Corp. disclosed Friday. In a...
Seattle Times business reporter
Shoreline Bank is the latest Washington community bank to come under closer regulatory oversight, the Federal Deposit Insurance Corp. disclosed Friday.
In a consent order issued by the FDIC and the state Department of Financial Institutions, Shoreline Bank was ordered to raise its capital ratios, reduce problem loans, lower its concentration of construction and land development loans and set aside more money to cover expected loan losses.
The bank must make other changes to its operations and management, and cannot pay dividends or hire top-level executives without regulators' approval.
According to the bank's most recent call report, 16 percent of its $119.5 million in assets are nonperforming.
More than two dozen Washington banks are operating under some degree of enhanced supervision.
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