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First Sound Bank
First Sound Bank Restates 2008 Results: Reports on First Quarter
May 17th, 2009
First Sound Bank (OTC Bulletin Board: FSWA) announced that it is restating its 2008 results to reflect a loss of $20.1 million, $18.3 million of which is related to the acquisition of assets from Puget Sound Leasing Co., Inc. (PSL) in March 2008. Of the $18.3 million, $7.8 million reflects a write-down of the goodwill and servicing rights acquired in the PSL transaction. A decrease in goodwill has no impact on the Bank's regulatory capital and the Bank continues to be "well-capitalized" for regulatory purposes with a risk-based capital of 11.7% on March 31, 2009, up from 11.3% on December 31, 2008. The Bank also reported a first quarter 2009 loss of $37,000. The Bank's...
Source: Pharma Investments, Ventures & Law Weekly (2009-05-17)
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