Bainbridge-based American Marine Bank is suffering from nearly $20 million in losses during the first part of 2009. The cause: several real estate loans – mostly to home builders and developers – that fell into default.
Predicting that 2009 was going to be a tough year, the bank began laying off about a dozen people and reduced employee hours.
“Our problems are focused on a specific number (of) loans,” President and Chief Executive Officer Renzo Lucioni told Sun business reporter Rachel Pritchett.
For more, read Pritchett’s story here.