Tools for distressed real estate pros.

From the category archives:

Washington Banks

American Marine Bank Buckles

February 3, 2010

in Distressed Construction Loans and REO, Failed Banks, Multifamily Non-Performing Loans and REO, Washington Banks

On Friday, January 29, 2010, the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) closed American Marine Bank of Bainbridge Island, WA. This was following December 2009 attempts by American Marine Bank to improve its lending and management policies, and failed hopes that an investor would rescue the 61-year-old Washington [...]

{ 0 comments }

Why Evergreen Bank Failed

Evergreen Bank got torched as a result of bad construction loans.

January 26, 2010

in Distressed Construction Loans and REO, Failed Banks, Washington Banks

This is second in a series of five post mortems that I’m doing on failed banks this week. This one is Evergreen Bank, formerly a community bank based in Seattle WA. Like many other community and regional banks it had to compete where the big guys couldn’t, or wouldn’t. Stats as of last reporting are [...]

{ 0 comments }