KGMI News Reporting
By Mike Curitss
MOUNT VERNON, Wash. – The head of a Skagit County community bank has pleaded guilty to giving false information to bank regulators during the housing crisis.
Seventy year-old James Bishop of Mount Vernon was the chairman and CEO of Summit Bank.
Assistant U.S. Attorney Matthew Diggs says Bishop and his son, who was the bank president, tried to hide the amount of loans that were in default in reports to regulators between 2009 and 2011.
Summit Bank was ultimately closed by state regulators and sold in May 2011.
Bishop is facing a prison term between 12 and 41 months according to the plea agreement.
Bishop must also pay $300,000 to the FDIC and agree to a lifetime prohibition from banking.