American Marine Bank's Loans
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Transcript of American Marine Bank's Loans
American Marine BankAmerican Marine Bank
LOANSLOANS
SCRIPPS NEWSPAPERS
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HISTORY1948:American Marine Bank opens as Bainbridge Island Bank.1970:Bainbridge Island Bank is renamed American Marine Bank.1999:AMB Financial Services Corp., a holding company for the bank, is formed.2009:The bank suffers a loss of nearly $20 million from defaulted loans; FDIC orders bank to increase its loan-loss reserve.2009:Calling the bank undercapi-talized, regulators order the bank to raise capital or face a merger.2010:Regulators close American Marine Bank.
■ Rex Townsend, CEO■ Barbara Kaye, chief credit officer■ Renzo Lucioni, executive vice
president, chief financial officer■ Gary Winter, executive vice
president, chief credit officer
■ Bess Alpaugh, officer and director■ Carl Berg, officer and director■ Jeffrey Goller, officer and director■ Thomas Kilbane, officer and director■ Andrew Mueller, officer and director■ Alice Tawresey, officer and director
The FDIC is suing former directors and officers of American Marine Bank for their role in approving at least 11 high-risk loans that violated the bank's written policies.
Borrower Project location1 Pacifica Bainbridge Island2 Summerhill Estates LLC Bainbridge Island3 Midtown Joint Ventures LLC Orem, Utah4 River Canyon Real Estate LLC Douglas County, Colorado5 Western Pennsylvania Senior Stanton, Pa Living Limited Partnership6 Robert & Brenda’s Spokane LLC Spokane7 Amani LLC Seattle8 WCC Tenzen Factoria9 Spanaway 19 LLC Spanaway10 Quincy Street Port Townsend11 Umani Seattle12 Campus Crest Properties Federal Way
DEFENDANTS
PROJECT LOCATIONS
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Loan amount Approvalin millions date$4.000 May 17, 2005$4.000 Jan. 6, 2006$1.950 June 14, 2006$3.000 Dec. 28, 2006$3.220 Jan. 29, 2007$1.406 May 15, 2007$5.000 May 24, 2007$1.100 June 18, 2007$1.845 Aug. 31, 2007$4.000 Oct. 24, 2007$3.200 Dec. 10, 2007
1 Midtown JV ✔ ✔ ✔ ✔ ✔ ✔
2 River Canyon ✔ ✔ ✔ ✔ ✔ ✔
3 Pacifica ✔ ✔ ✔ ✔ ✔
4 Western PA ✔
5 Umani ✔ ✔ ✔ ✔ ✔
6 Summerhill Est. ✔ ✔ ✔ ✔ ✔
7 WCC Tenzen ✔ ✔ ✔ ✔ ✔
8 Spanaway 19 ✔ ✔ ✔
9 Quincy Street ✔ ✔ ✔ ✔
10 Campus Crest ✔ ✔ ✔
11 Robert & Brenda’s ✔ ✔ ✔ ✔ ✔
DEFENDANTSTHATAPPROVEDEACH LOAN
WASHINGTON