L.A.’s GBC International Bank has acquired the assets of a small bank north of Seattle that was closed by bank regulators on Friday.
GBC International said the three branches of Shoreline Bank in Shoreline, Wash., have been renamed branches of GBC International Bank. As of June 30, Shoreline Bank had total assets of $104 million and total deposits of $100 million.
GBC will pay the Federal Deposit Insurance Corp. a premium of 0.25 percent to assume all of the failed bank’s deposits and will purchase about $65.7 million of the failed bank's assets. The FDIC will retain the balance of the assets for later disposition, the regulator said. The FDIC and GBC also entered into a loss-share transaction on $49.2 million of Shoreline’s assets.
GBC is among the top five lenders utilizing the U.S. Export-Import Bank Working Capital program, and is a preferred lender of the U.S. Small Business Administration Export Express and Export Working Capital Program. It has four branches in the Los Angeles area and two in San Francisco.
"We are expanding our operations to Washington state, bringing greater access for small businesses who export products and services to the global markets," Chief Executive Officer Dennis Lam said in statement.
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