Originally published Friday, May 8, 2009 at 6:27 PM
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Westsound Bank of Bremerton, Wash., seized, sold
Government regulators have seized Bremerton-based Westsound Bank and sold it to Kitsap Bank of Port Orchard, Wash.
Government regulators have seized Bremerton-based Westsound Bank and sold it to Kitsap Bank of Port Orchard, Wash.
The state Department of Financial Institutions says Westsound Bank's main office and eight branches will open again on Monday, but some online banking services may not be available over the weekend.
Officials point out that most bank deposits are insured by the federal government up to $250,000. State officials say they do not anticipate losses by Westsound Bank depositors.
The state announced its seizure of Westsound Bank on Friday evening, citing "severe asset problems, significant losses and inadequate capital."
The Federal Deposit Insurance Corp. was named receiver, and immediately sold Westsound to Kitsap Bank.
Copyright © 2009 The Seattle Times Company
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