The financial crisis has hit a local bank and it is taking action. The bank didn't disclose an analysis of the reasons for the losses in the report I read.
AmericanWest Bancorp., Spokane-based parent of AmericanWest Bank, today reported a third-quarter loss of $96.9 million, or $5.63 a diluted share, down from net income of $5.3 million, or 31 cents a share, in the year-earlier period, and said it plans to close six of its 64 branches, including branches on the West Plains, in the Qualchan area, and in Latah, Oakesdale, and Kennewick, Wash., plus an in-store branch in St. Maries, Idaho. It also said that last month it began a process of marketing for sale "an initial cluster" of branches as part of a strategy to reduce assets and streamline operations. |
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