Shoreline Bank told to sell stock, find a buyer, or merge with another financial institution

Saturday, June 26, 2010

The Federal Deposit Insurance Corporation (FDIC) served notice to the Shoreline Bank that its plan to raise capital was not acceptable and that it considers the Bank to be in a deteriorating condition.

It has warned the Bank to sell enough voting shares or obligations of the Bank so that the Bank will be adequately capitalized after the sale; and/or accept an offer to be acquired by a depository institution holding company or to combine with another insured depository institution.

The May 27th action is called a Supervisory Prompt Correction Action. Once under this type of scrutiny from the FDIC, banks rarely regain their independent status.

During the Supervisory period, all bank functions continue as normal for regular customers. Bank accounts and deposits are insured by the FDIC up to $250,000.

The main branch of the ten-year-old Shoreline Bank is located at 16001 Aurora. Branches are in Top Foods at 185th and Midvale N, and at 20011 Ballinger Way NE. An ATM machine is in Lake Forest Park in Third Place Commons.

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