The Federal Deposit Insurance Corporation is ordering Longview-based Cowlitz Bank to raise more capital. The order came out last Friday, setting a 90-day deadline for compliance. In the company’s latest annual report, Cowlitz Bank announced an annual loss of $10 million. The FDIC and the Washington Department of Financial Institutions issued an order on Friday, directing the company to come up with a turnaround plan. The orders from banking regulators make Cowlitz Bank the 27th financial institution in Washington state to be under scrutiny for financial difficulties.
Share this:
