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Patrick Fahey's last act as a turnaround specialist ended with the 2010 failure of Frontier Bank. First Sound Bank in Seattle is poised for a much different outcome.
March 25 -
First Sound Bank (FSWA) in Seattle has bought back its Troubled Asset Relief Program shares after raising nearly $8 million.
February 21
First Sound Bank (FSWA) in Seattle has been released from a regulatory action after improving its capital levels.
The Federal Deposit Insurance Corp. and the Washington State Department of Financial Institutions have lifted a 2010 consent order requiring the $106 million-asset bank to hire qualified management, charge off bad loans and raise its Tier 1 leverage ratio to at least 10%. First Sound announced the lifting of the order on Thursday.
As of June 30, First Sound held Tier 1 capital of 8.74% and total risk-based capital of 13.82%, according to the FDIC.
"Our progress in restoring First Sound Bank to a strong financial condition is due to the efforts of a dedicated and determined staff and board of directors, our very loyal customers and shareholders, and the support we received from state and federal regulators," Chief Executive Patrick Fahey said in a news release.
First Sound
In February, First Sound