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State closes American Marine Bank; Columbia Bank takes over

Post by C.R. Roberts / The News Tribune on Jan. 29, 2010 at 6:14 pm with No Comments »
January 29, 2010 6:14 pm

For the second time in just over a week, Tacoma-based Columbia Banking System has purchased a troubled Northwest bank.

The Federal Deposit Insurance Corp announced this evening that Columbia has purchased American Marine Bank of Bainbridge Island..

American Marine was closed today by the Washington Department of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Columbia State Bank to assume all of the deposits of American Marine Bank.

The 11 branches of American Marine Bank will reopen on Saturday as branches of Columbia Bank, the FDIC said in a statement. Depositors of American Marine Bank will automatically become depositors of Columbia State Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage.

Customers should continue to use their existing branch until they receive notice from Columbia State Bank that it has completed systems change, the FDIC said.

This evening and over the weekend, depositors of American Marine Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

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