December 30, 2009 in City

Feds order close watch on 4 banks

Associated Press

SEATTLE – Four more Washington banks are being scrutinized more closely by state and federal regulators.

That brings to 28 the number of Washington-based banks operating under closer government oversight.

The Seattle Times reports the new orders were disclosed Monday by the Federal Deposit Insurance Corp., the Federal Reserve Board and the state Department of Financial Institutions. The banks are Viking Bank of Seattle, Lynnwood-based Bank of Washington, Pierce Commercial Bank of Tacoma and American Marine Bank of Bainbridge Island.

The orders vary by bank. In general, they require them to get regulator approval on changes in senior management, increase capital, make plans to purge bad loans and reduce reliance on certain loan categories.

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