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Archive for January 29th, 2010

American Marine Bank shut down by federal regulators

Friday, January 29th, 2010

Longtime Bainbridge institution American Marine Bank was shut down by federal and state regulators today.

Founded on the island 62 years ago, American Marine has suffered severe loan losses in recent years.

The Federal Deposit Insurance Corp. has turned the bank over to new owner Columbia State Bank of Tacoma.

American Marine branches will reopen under the Columbia State name either Saturday or Monday, regulators said in a news release.

Read the story here.

And go to American Marine’s website for a statement from the FDIC

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Tags: American Marine Bank, banking
Posted in Business, economy | Comments Off

Here’s what the new ferries will look like…

Friday, January 29th, 2010

Washington State Ferries has the final design for its new 144-car ferries. That’s it up top.

There’s no funding yet to build them, but the finished design puts Todd Pacific Shipyards in a ready position for the time when the money does materialize.

WSF expects to get funding from the state Legislature to build one or two of the ferries between 2011 and 2013. Its long-range plan calls for adding two 144-car boats to the fleet in 2014. One would replace the 87-car Evergreen State and the second would allow WSF to shift another 87-car ferry to a backup role. The only backup now is the 37-car Hiyu.

Five more 144-car ferries are projected to eventually join the fleet after 2027.

Click here to see the full story.

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Tags: Ferries, Washington State Ferries
Posted in Ferries | 2 Comments »