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FDIC lists changes for Everett's Cascade

The Federal Deposit Insurance Corp. on Friday issued its monthly list of recent enforcement actions addressed to U.S. banks.

For Washington, the regulator noted a July 21 consent order agreed to by Everett-based Cascade Bank.

The order, previously announced by the bank, said the bank had agreed to take several steps to ensure safety, soundness and liquidity.

Among the items agreed, the bank would:

Ensure that the board of directors would take an active role, and that the management team would be qualified and experienced.

Collect or charge-off all loans classified as a “loss,” and severely regulate other loans classified as “doubtful” or “substandard.”

Develop a written plan to reduce commercial real estate loans .

According to other regulatory filings, Cascade has announced the departure of board members Dwayne Lane and Craig Skotdal. Both had written letters of resignation, prior to the regulatory consent order, saying they had “fundamental differences with the CEO and a number of the board members that cannot be reconciled.”

The letters also said the impending consent order from the FDIC and Washington Department of Financial Institutions, they believed, “will impose unreasonable and untenable conditions.”

Cascade stock closed at 29 cents in Friday trading after marking a 52-week low of 26 cents earlier in the day. The stock is down 86.8 percent so far this year, according to Bloomberg News.

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