The move will allow the bank to consolidate several administrative and customer support operations under one roof, said Laura Byers, Coastal Community’s director of marketing.
“We’re excited about it,” Byers said. “It’s hard to have our different departments split up it in different buildings. When you can walk across the hall to talk with someone, it just makes it easier.”
The bank purchased the two-story building at 5415 Evergreen Way for $3.5 million earlier this year. The Federal Emergency Management Agency has been leasing the space from Coastal while dealing with the Oso mudslide. Before that, the building was vacant for several years after being used as office space for the state Department of Social and Health Services.
About 40 employees will work out of the building, doing work that’s currently performed at the Smokey Point and Silver Lake branches. The bank expects to move into the new building this fall after renovations.
“Coastal’s local, customer-focused strategy has translated into substantial growth and the need for more space. More importantly, the acquisition underscores Coastal’s commitment to Everett and Snohomish County,” said Eric Sprink, president and CEO of Coastal, said in a statement.
Since Coastal started in 1997, staff size has grown to 130 employees for a bank that has $452 million in assets.
Coastal also announced that Terri Stefnik has been hired as vice president and branch manager for the Evergreen Branch. Her banking career spans 25 years, including working more than 16 years at Frontier Bank and most recently serving as AVP/Special Projects and marketing manager at The Bank of Washington.
The south Everett location will be the 11th branch for Coastal. A 12th location is expected to be announced later in the year.
“We do hear some of the large national banks closing branches, saying there’s not enough customer demand for branches,” Byers said. “We continue to see our transactions grow. As long as we see a customer need, we’ll continue to do what makes sense in opening new branches
Coastal will occupy one floor of their new building and will have about 20,000-square-feet of space.
The bank hopes to lease the extra area to other businesses.
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