Tag Archives: FDIC

Bank deposits in Kitsap top $3 billion

wintergreen2_26878522_ver1-0_640_480Deposits at bank branches in Kitsap County topped $3 billion for the first time in 2016, according to data from the Federal Deposit Insurance Corporation.

Deposits spread across the 58 bank branches in the county totaled more than $3.005 billion at the end of June.

That number did not include deposits at credit union branches.

Deposits flattened during the recession, but increased steadily each year since 2012:

Sixteen banks operated offices in Kitsap in 2016. Two — Kitsap Bank and Liberty Bay Bank — are headquartered in the county.

Port Orchard-based Kitsap Bank had the most offices in the county, with 11. Bank of America reported highest deposit total, with $653.25 million (Kitsap Bank was a close second with $637.36 million).

Here’s a sortable table breaking down banks with a brick-and-mortar presence in our county:

Couple involved in Westsound Bank failure sentenced

Picture_7__5660071_ver1.0_640_480A developer linked to the collapse of Bremerton’s Westsound Bank was sentenced to five years in prison Friday and ordered to repay more than $10 million fraudulently obtained from the bank.

Aleksandr Kravchenko, 36, pleaded guilty in March to conspiracy to commit bank fraud and filing a false tax return, according to the Seattle U.S. Attorney’s Office. His wife, Galina Kravchenko, pleaded guilty to filing a false tax return. She was sentenced to five years in prison.

The Kravchenkos engaged in a scheme in which they submitted dozens of false construction loan applications to Westsound Bank, working in collusion with a loan officer. Investigators determined the bank lost $10.7 million through bad loans as a result of the scheme.

The Kravchenkos diverted money from the loans for personal use, and collected fees.

Westsound Bank failed in 2009, costing the FDIC’s Deposit Insurance Fund $106 million. Kitsap Bank took over Westsound’s operations.

The FDIC sued 11 former Westsound Bank officers for gross negligence in 2011, and settled the case a year later. 

The Kravchenkos fled to Moldova in 2009. Galina was arrested in Moldova in December and extradited to the United States. Alkesandr returned to the U.S. in February.

The couple were sentenced in U.S. District Court in Seattle.