{"id":7257,"date":"2009-09-15T10:30:05","date_gmt":"2009-09-15T17:30:05","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=7257"},"modified":"2009-09-15T10:34:07","modified_gmt":"2009-09-15T17:34:07","slug":"how-many-more-washington-banks-will-fail","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2009\/09\/15\/how-many-more-washington-banks-will-fail\/","title":{"rendered":"How Many More Washington Banks Will Fail?"},"content":{"rendered":"

Interesting follow-up to Friday’s failure of Venture Bank<\/a> via the Tacoma News Tribune: Some banks in state risk failure<\/a><\/p>\n

The best news to derive from Friday\u2019s announced failure and sale of DuPont-based Venture Bank came in the form of a report from a Seattle TV and radio station.<\/p>\n

But the news \u2013 that no other banks in Washington were in trouble and facing closure \u2013 was very wrong.<\/p><\/blockquote>\n

I believe that the remark above is referring to this report from KOMO news<\/a>, which contained the (false) claim that “as of right now, there are no other banks in financial trouble in the state.”<\/p>\n

Yes, Venture did fail.<\/p>\n

But yes again, in fact, there are other banks in the state that might also fail.<\/p>\n

Scott Jarvis, director of the state Department of Financial Institutions, said Monday that he thinks he knows how that incorrect information was relayed to the public.<\/p>\n

\u201cThe consumer reporter called Brad,\u201d Jarvis said. (That would be Brad Williamson, head of banks at DFI.)<\/p>\n

The reporter asked if any other banks were in trouble. Williamson \u2013 on Friday evening \u2013 answered, \u201cWe are not closing any more banks this week.\u201d<\/p>\n

\u201cSomehow that got translated for the 11 o\u2019clock news that there are no other banks in trouble,\u201d Jarvis said.<\/p>\n

\u201cThe truth is that we did not close any more banks on Friday,\u201d he said.<\/p>\n

And he continued, \u201cThere is considerable strain on our banking system attributable to the expansion we had in commercial real estate growth.\u201d<\/p><\/blockquote>\n

With Ben Bernanke out there claiming<\/a> that “the recession is very likely over,” it will be interesting to see how many more local banks continue to fail under the continued financial stress of non-performing construction loans<\/a>.<\/p>\n

(C.R. Roberts, Tacoma News Tribune<\/a>, 09.15.2009<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Interesting follow-up to Friday’s failure of Venture Bank via the Tacoma News Tribune: Some banks in state risk failure The best news to derive from Friday\u2019s announced failure and sale of DuPont-based Venture Bank came in the form of a report from a Seattle TV and radio station. 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