On Friday, the Washington Department of Financial Institutions closed American Marine Bank, headquartered in Bainbridge Island, Washington, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, headquartered in Tacoma, Washington, to assume all of the deposits of American Marine Bank. Columbia State Bank will pay the FDIC a 1% premium for the deposits of the failed bank.
As of September 30, 2009, American Marine Bank had approximately $373.2 million in total assets and $308.5 million in total deposits. Columbia State Bank agreed to purchase essentially all of American Marine Bank's assets. The FDIC and Columbia State Bank entered into a loss-share transaction on $255.1 million of American Marine Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $58.9 million. American Marine Bank is the fifteenth FDIC-insured institution to fail in the nation this year and the third in Washington.