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FDIC removes consent order with Seattle Bank
The Federal Deposit Insurance Corp. (FDIC) has lifted a consent order with Seattle Bank, another major step forward for the 69-year-old institution as one of Seattle’s leading locally owned banks.
Seattle Bank has branches in Bellevue, Belltown, Wallingford, Southcenter and Tacoma.
The consent order, issued by the FDIC in July 2009, was connected to practices in the bank’s mortgage division, as well as losses associated with the economic downturn, when the bank had different owners and different management.The bank subsequently was sold to and recapitalized by a new ownership group, which invested $62 million in 2011.
Seattle Bank’s total assets are $250 million, with $46 million of capital on hand.