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Having already raised $50 million in fresh capital this year, Seattle Bank announced this week that it has received another $12 million from investors that its chief executive officer said the once-ailing bank would use to accelerate its growth plan.
June 10 -
The Federal Deposit Insurance Corp. has terminated a consent order for Idaho First Bank in McCall.
September 5 -
The Federal Deposit Insurance Corp. took regulatory actions against nine banks and freed 22 banks from orders in July, according to an enforcement update released Friday.
August 30
The Federal Deposit Insurance Corp. has lifted a consent order with Seattle Bank, which recently added $10 million of capital.
Seattle Bank announced the termination of the 2009 consent order on Thursday. The order had required the $250 million-asset bank to raise capital, reduce loan losses and cut nonperforming loans. It had Tier 1 capital of 14.16% and total risk-based capital of 22.26%, as of June 30, according to the FDIC.
"The lifting of the order validates the bank's positive direction and our plans for future growth," Chief Executive Patrick Patrick said in a news release.
Seattle Bank said it raised the $10 million over the past several weeks, largely from local investors, bringing to $72 million the sum the bank has raised since 2011. The bank raised $62 million in a
Patrick was brought on in 2010 to lead the bank's turnaround, and it has since reduced its nonperforming loans, shrunk its balance sheet and closed branches. It now has six locations in the Seattle area and Tacoma.
