Summit Bank chairman gets 3-year sentence for false reports
Seattle Times business reporter
James Bishop, the former chairman and CEO of Summit Bank, was sentenced Friday to three years in prison and two years of supervised release for filing false call reports to the Federal Deposit Insurance Corp., which insures bank deposits.
Bishop, 70, of Mount Vernon, admitted in a guilty plea that he and his son, the bank’s president, deceived federal regulators about the financial condition of the Skagit County bank, which failed in May 2011.
Bishop has agreed to pay $300,000 to the FDIC.
His son, James Bishop II, is scheduled to be sentenced for his role in the scheme on Dec. 6, the U.S. Attorney’s Office said.