PORT ANGELES — Sound Community Bank on Wednesday announced its plans to purchase the Port Angeles office of 1st Security Bank of Washington at 1405 E. Front St.
The transaction is expected to close in June.
“We’re really excited about adding Port Angeles to our Olympic Peninsula footprint,” said Laurie Stewart, president and CEO of Sound Community Bank.
She declined to say how much Sound Community Bank is paying for the Port Angeles branch of 1st Security Bank of Washington.
“I’d prefer not to disclose that because the transaction hasn’t closed,” Stewart said.
Sound Community Bank also has a branch in Sequim at 541 N. Fifth Ave.
Its other four branches are located in downtown Seattle, South Seattle, Lakewood and Mountlake Terrace, company spokeswoman Holly Hook said.
Based in Mountlake Terrace, Sound Community Bank is building a full-service branch at 110 N. Alder St. in Port Angeles, about a block from the office it is buying now.
Once the new branch is completed — probably in July — Sound Community Bank will transfer the deposits and deposit-related loans from the former 1st Security branch into its new office, then sell the old office.
Decision to expand
The success of the Sequim branch factored into Sound’s decision to expand, Stewart said.
“Our Sequim office already has a nice following in Port Angeles, and this opportunity provides us a way to better service them,” she said.
“The addition of the 1st Security branch gives us a great head start and allows us to significantly accelerate our business plan on the Peninsula.”
Joe Adams, CEO of 1st Security Bank of Washington, said the transaction was a “win-win for both banks.”
“Sound Community Bank was clearly looking to expand their presence on the Olympic Peninsula, while we’ve been seeking to refocus on our core business markets located in the central Puget Sound corridor,” Adams said in a statement.
“We also feel good that our customers in Port Angeles will be served by a company that shares our strong commitment to high quality customer service.”
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Reporter Rob Ollikainen can be reached at 360-417-3537 or at rob.ollikainen@peninsuladailynews.com.
