From The Associated Press:
The Federal Deposit Insurance Corp. said Friday that in March it lifted a May 2009 cease and desist order on Spokane-based AmericanWest Bank and directed Summit Bank in Skagit County to find new capital or a buyer.
AmericanWest Bank last year was bought in bankruptcy court by SKBHC Holdings and infused with $185 million in new capital. In the May 2009 enforcement order, regulators told the bank’s management to stop unsound banking practices, such as making lots of poor loans.
The FDIC order to Summit Bank in Burlington directs it to come up with fresh capital or sell itself to restore its capital to required levels.
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