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FDIC names Sterling, Evergreen and Pacific International in October orders

Post by C.R. Roberts / The News Tribune on Nov. 27, 2009 at 4:03 pm with No Comments »
November 27, 2009 4:03 pm

The Federal Deposit Insurance Crop. on  Friday released its list of 80 enforcement actions taken in October. The list contained mention of  two cease and desist orders against Washington banks.

Both Spokane-based Sterling Savings Bank and Seattle-based Evergreen Bank were ordered to take certain measures to stabilize their financial situations.

Both were required to satisfy certain requirements for sound leadership and to work to increase the financial health of their institutions.

Spokesmen were unavailable from either bank on Friday.

Also on Friday, the FDIC said it had ordered, and Seattle-based Pacific International Bank had agreed to pay, a penalty of $3,740 related to an alleged violation the Flood Act. The FDIC had said the bank failed to secure flood insurance on loans related to property in flood zones.

To view the Sterling order, click here. To view the Evergreen order, click here. To view the Pacific International order, click here.

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