Bloggers,
Everett-based Frontier Bank’s president is out this morning, according to the Puget Sound Business Journal:
http://seattle.bizjournals.com/seattle/stories/2010/03/29/daily13.html
A few of you have contacted me with questions whether the bank with several Kitsap locations will close.
If it happens, it happens. The bank now is under a 30-day raise- capital-or-merge order from regulators. Sometimes capital is raised, no easy feat today. So we’ll see how Frontier does.
Fortune Bank of Seattle is vowing to raise $450 million.
In the case of Bainbridge Island-based American Marine Bay, the 30-day order similar to Frontier’s expired, then there was a period of weeks before regulators shut it down.
I believe much of that timing has to do with the availability of busy FDIC staff. Dozens have to be brought into a locale when a bank closes.
Stay tuned.
Rachel Pritchett, 475-3783
