Westsound Bank — A Kitsap County Lender In Trouble
October 25th, 2007 by Mark Flanders
Yesterday I decided not to publish an article about the troubles one of our own is having in Kitsap County. I hate to see a local company struggling. But Westsound Bank’s struggle has just become very public. Both the Kitsap Sun Newspaper and the Seattle Times published articles this morning concerning Westsound Bank’s recent SEC filing.
Yesterday’s information came as no surprise to those of us in Kitsap County mortgage lending. The abrupt departure of a key employee last month and the almost immediate closing of the mortgage lending department at West Sound Bank caused quite a stir, raised numerous questions from locals and created considerable concern among area builders and property developers.
The NASDAQ has Westsound Bank as the worst performing stock for the day. Share values fell almost 43%.
Westsound Bank is under investigation by both the FDIC and Washington State’s DFI (Department of Financial Institutions). There is more speculation and rumor, than facts available right now. But there is no doubt, the next few months will be difficult ones for the Bank.
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Tags: FDIC, SEC, washington state DFI, westsound bank
