Seattle Weekly published a piece Wednesday on Puyallup’s Shawn Portmann, the former leader of the home-lending division of Pierce Commercial Bank.
It offers a look at how Portmann, who the paper reports is under investigation by the FBI, closed as many mortgages as possible, regardless of merit.
Reporter Nina Shapiro writes:
“From the time he started at Pierce Commercial, in 2004, until he left four years later, Portmann generated more than 5,200 loans. That accounted for nearly half of the $2.2 billion loan business done by his entire division, which by one account employed some 80 loan officers.
“[T]he bad loans brought down the 13-year-old Pierce Commercial Bank, once a respected community institution that specialized in small-business loans.”
The Seattle Weekly posted its report online.