Westsound Bank

[TJ_98370]

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Even the little guys are getting into trouble. Not too much detail, but sources suggest that WSB problems include inadequate reserves and a significant number of past due loans.



Investors dumped shares of WSB Financial on Wednesday, after the Bremerton-based parent of Westsound Bank said state and federal regulators are looking into possible fraud and misconduct in its real-estate lending.

The shares plunged 42.9 percent, making WSB the day's worst-performing Nasdaq stock.

In a filing with the Securities and Exchange Commission, WSB said examiners from the Federal Deposit Insurance Corp. and the Washington Department of Financial Institutions recently told management they believed the bank "violated certain banking laws and regulations which are primarily related to the origination, administration and monitoring of construction and mortgage loans.".....

.......Westsound Bank has nine full-service branches, mostly in Kitsap County.
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[rose-colored-coolaid]

At least Bremerton isn't in Washington!

Phew

[TJ_98370]

[rose-colored-coolaid]

[TJ_98370]

[finance]