American Marine Bank shut down by federal regulators

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