American Marine promises better business practicesDecember 17th, 2009 by tristan baurick
Bainbridge-based American Marine Bank has promised regulators a series of improvements after suffering losses this year.
In a consent order signed with state and federal regulators, the bank agreed to strengthen its management practices, increase its capitol and maintain adequate reserves to cover loan losses.
American Marine was holding a number of large loans that defaulted when the economy crashed. It is expected to be in a loss position for most of 2009, according to a press statement issued by the bank.
For more, read business reporter Rachel Pritchett’s story.