SEQUIM — The Columbia Bank branch inside Sequim’s Safeway will move into a remodeled former First Federal building across Washington Street at Sequim Village Center some time this summer, Columbia’s Sequim branch manager said.
“It’s probably going to be in the third quarter,” Tim Collins said, asked when the new bank office would likely open.
“It being a former bank building, it’s a perfect fit to have a bank there.”
The building of more than 3,000 square feet has been vacant for about five years, when First Federal moved to the existing branch in the Sequim Village Marketplace, West Washington Avenue at Priest Road.
“We’re going to do a pretty extensive remodel,” Collins said, adding that work is now in the architectural planning stage.
Columbia Bank, which bought out the failing American Marine Bank chain in January, has been housed for years inside the Sequim Safeway supermarket at Washington Plaza, across Washington Street
The branch has a staff of four in its tiny Safeway quarters, and Collins said it has not been decided if more staff would be hired for the larger space.
The 17-year-old Tacoma-based Columbia Bank chain of 83 branches is “committed to the community,” Collins said, and is planning on growth.
Besides Sequim, the bank has branches in Port Angeles, Port Townsend and Port Ludlow.
“Our goal is to be the premier regional bank,” Collins said.
Columbia Banking System Inc. is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank.
Columbia provides commercial banking services to small and medium-sized businesses, professionals and other individuals in the states of Washington and Oregon.
Included in Columbia Bank are former branches of Columbia River Bank and American Marine Bank. Columbia Bank also does business under the Bank of Astoria name along the coast of Oregon.
Columbia Banking System in late October announced the fourth consecutive quarterly profit for the third quarter of $2.5 million, or 6 cents per common share. This compares with last year’s third-quarter results of a loss of $2.6 million, or 11 cents per share.
The bank’s board of directors announced a cash dividend of 1 cent per common share, which will be paid Nov. 24 to shareholders of record as of Nov. 10.
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Sequim-Dungeness Valley Editor Jeff Chew can be reached at 360-681-2391 or at jeff.chew@peninsuladailynews.com.
