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Friday, October 1, 2010

Shoreline Bank Closure- Breaking News

Shoreline Financial 


closing - FDIC Takeover

Shoreline Bank was closed by the state bank regulator, 
the Washington Department of Financial Institutions, 
Friday evening. The bank failed to meet capital level 
requirements set by the Federal Deposit Insurance 
Corporation (FDIC).

Read more: 
Shoreline Bank closed, 
sold to GBC - San Francisco Business Times 

Shoreline Bank closed, 

sold to GBC

Its closure marks the tenth bank failure in Washington this year. 
The bank was quickly sold to Los Angeles, 
Calif.-based GBC International Bank. GBC 
acquired most of Shoreline’s performing assets.
Shoreline suffered severely from loan losses, 
especially in its commercial and development 
sector. The loan defaults and delinquencies 
were the main contributor to its deteriorated capital levels. Shoreline had been operating under   
a “prompt corrective action” order (pdf, 5 pages)  

issued by the state regulator and the FDIC in May 
that ordered it to immediately raise capital or sell itself.
At the time of closure, Shoreline had $104.2 million  
in assets and $100.2 million in deposits. It had 
three locations, including its headquarters, all in Shoreline.
Click here to see a complete list of Washington's troubled banks.
Read more: 
Shoreline Bank closed, sold to GBC - 
San Francisco Business Times 
There had been a premonition about this situation last June in an article in Puget Sound Business Journal.

has some very interesting charts on the Shoreline Bank's 
situation as of 2008. 
This situation news marks a new low for Shoreline.

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