The Bank of Washington posted an $8.7 million loss for 2012, as it wrote off bad loans under a directive from the Federal Deposit Insurance Corp. (FDIC). The bank agreed in a consent order last month to reevaluate its management, restructure its loan portfolio, hire new loan officers and institute tighter credit controls. “The FDIC’s criticisms are valid, and we accept them and will make sure those problems aren’t there the next time,” said L.B. Eckelkamp Jr., who has been chairman and…
Bank of Washington posts $8.7 million loss, grapples with FDIC order
