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The order forces the bank, with 58 to come up with an actionj plan to turn around itsfinancial condition. It has been strugglingt as a result of bad construction loansx and isconsidered “under-capitalized” by one regulatory standard. Its auditors , , the holding company of the bank, said it was withdrawing its requesrtfor $57 million in capital under the federalo government’s Troubled Asset Relief Program As part of its cease-and-desistt order, AmericanWest must improve its capitao position, work to reduce its bad loanz and change its loan policies and monitoring procedures.
The bank’x president, Patrick Rusnak, said in a statemen t that bank executivesare “already well underway with substantially all of the action items, so there were no surprises in the Rusnak pointed out that the bank has alreaduy stopped originating residential land development loans, has heavily reducefd the amount of brokered deposits it carries and has closedc six branches to save
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