Regulators have closed the failed American Marine Bank, which had four branches on the North Olympic Peninsula (including three in Safeway stores), and are reopening each of its 11 branches under the ownership of Columbia State Bank.
Each branch will reopen on its next normal business day after Friday, said an Federal Deposit Insurance Corp. news release.
The FDIC said deposits are safe and will still be insured by the federal agency. Accounts can still be accessed, checks will still be processed and loan customers can continue to make their payments as they had before, said the news release.
Bainbridge Island-based American Marine Bank blamed defaults in real estate and commercial loans for its failure.
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Reporter Tom Callis can be reached at 360-417-3532 or at tom.callis@peninsuladailynews.com.