{"id":5581,"date":"2009-05-18T13:55:18","date_gmt":"2009-05-18T20:55:18","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=5581"},"modified":"2009-05-18T13:55:18","modified_gmt":"2009-05-18T20:55:18","slug":"psbj-local-banks-feeling-the-regulatory-squeeze","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/05\/18\/psbj-local-banks-feeling-the-regulatory-squeeze\/","title":{"rendered":"PSBJ: Local Banks Feeling the Regulatory Squeeze"},"content":{"rendered":"

Over at the Puget Sound Business Journal, reporter Kirsten Grind posted an interesting story today on their recently-launched BizTalk blog<\/a>: Crackdown on HomeStreet Bank comes as a surprise<\/a><\/p>\n

Washington state regulators don’t seem to have much patience these days for our struggling community banks and are increasingly slapping them with cease-and-desist orders<\/a> to force a turnaround at the institutions.<\/p>\n

On Friday, not one, but two of our banks<\/a> said they were being held on a tighter leash by regulators, including Seattle-based HomeStreet Bank<\/a>.<\/p>\n

For anyone who’s counting, we now have six banks statewide that are working under stricter regulatory rules. That’s a lot, by the way. It wasn’t so long ago that the state had no struggling banks and a cease-and-desist order was something out of the 1980s savings and loan crisis lore<\/a>.<\/p><\/blockquote>\n

The post goes on to mention some good news for HomeStreet: increasing mortgage volume and deposits.<\/p>\n

If you’d like to discuss the HomeStreet issue in further detail, be sure to check out the forum thread started earlier today by a HomeStreet customer<\/a>, who writes:<\/p>\n

I switched over to Homestreet about a year and a half ago when I decided not to support the large, failing and decidedly insolvent (without tax dollars) bank that I had been using (BOA). A lot of my decision was based on reading their CEOs repudiation of risky loan making and guarantees that Homestreet had not engaged in any of that behavior.<\/p>\n

Imagine my disappointment when this nonsense showed up in my mailbox.<\/p><\/blockquote>\n

Personally, I’ve been doing my primary banking through a local credit union (Prevail<\/a>) for about the last six years now, and have found the experience to be quite satisfying. Perhaps the stories just aren’t hitting my inbox, but I haven’t heard of any of the local credit unions receiving C&Ds or being in danger of going under…<\/p>\n","protected":false},"excerpt":{"rendered":"

Over at the Puget Sound Business Journal, reporter Kirsten Grind posted an interesting story today on their recently-launched BizTalk blog: Crackdown on HomeStreet Bank comes as a surprise Washington state regulators don’t seem to have much patience these days for our struggling community banks and are increasingly slapping them with cease-and-desist orders to force a…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[305,535,65,181,534],"coauthors":[],"class_list":["post-5581","post","type-post","status-publish","format-standard","hentry","category-news","tag-banks","tag-biztalk","tag-business-journal","tag-grind","tag-homestreet"],"yoast_head":"\nPSBJ: Local Banks Feeling the Regulatory Squeeze \u2022 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