A timeline of news stories about City Bank in Lynnwood, WA.
Created by ARolph on Apr 16, 2010
Last updated: 04/21/10 at 11:15 AM
Executives at Whidbey Island Bank weren’t interested in buying Lynnwood-based City Bank at first. But in the weeks leading up to City Bank’s forced sale, the Federal Deposit Insurance Corporation started chipping away at the institution’s unflattering qualities
As depositors transition to a new bank, questions arise. Here are a few asked by Herald readers since the sale was finalized Friday.
CONTACT THE HERALD
Mike Benbow, Business Editor
Published: Friday, April 16, 2010
Will local banks get new owners?
By Amy Rolph
Two Snohomish County banks could see big changes this weekend, depending on whether federal and state regulators act on warnings issued earlier this year.
Lynnwood-based City Bank will report its 2009 financial details late, according to a notice filed today with the Federal Deposit Insurance Corporation.
Shaky real estate ventures are at the root of problems that threaten financial institutions.
City Bank of Lynnwood revealed that the FDIC will force the sale of the bank if it hasn't raised more capital by April 10.
City Bank announced a net loss of $38.26 million for the fourth quarter of 2009, an improvement from the $64.88 million the bank lost in the same quarter of 2008.
A member of City Bank's board of directors has stepped down in an effort to bring the bank into compliance with NASDAQ regulations.
The founder of Lynnwood’s City Bank will hand over control of the day-to-day operations at the end of 2009, a year which has proved troublesome for the bank.
City Bank lost $35.56 million in the third quarter of this year, bringing the bank’s loss for the year to $66.34 million.
City Bank reported a third quarter loss of nearly $11 million, citing its focus on real estate lending and a national upheaval in the economy.
City Bank’s second-quarter losses totalled $22.76 million, more than double the loss suffered in the first three months of this year.
For the third time this year, a Snohomish County-based community bank has been reprimanded by the federal government.
The Lynnwood-based bank dramatically trims its losses from $64 million in the last quarter of 2008.
At City Bank in Lynnwood, top manager Conrad Hanson saw his pay drop from $2.63 million in 2007 to $716,950 last year. Hanson also returned a $200,000 bonus he received in December. Last year, the bank lost more than $60 million.
After revising its 2008 loss to $60.8 million, Lynnwood's City Bank anticipates orders from federal regulators requiring it to adjust its lending and operating practices.
Local bankers, financiers take deep breath after government steps in