Bank of Whitman has 90 days to raise money or sell

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The Bank of Whitman has received an order from the U.S. Federal Reserve Bank requiring the Colfax-based bank to raise capital or sell itself.

The bank has 90 days to either raise money or join another financial institution through a merger or acquisition, according to a prompt corrective action directive filed by the Fed on Feb. 9.

Bank of Whitman has 20 branches in Washington, including one in Walla Walla at 500 W. Main St.

The decision by regulators came a month after resignations of Jim Tribbett, the bank's chief executive officer, and Craig Conklin, its chief loan officer, according to news reports.

The Fed reportedly imposed numerous lending and operating conditions on the bank last July. As of the end of September the financial operation was under-capitalized and had not submitted a plan to raise additional funds, the directive reported.

Bank of Whitman, an 80 percent employee-owned operation, reported a fourth-quarter loss of $17.5 million. Assets as of Dec. 31 were $681.8 million.

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