MOUNTLAKE TERRACE — 1st Security Bank of Washington announced Tuesday that it has entered into an agreement with Bank of America to purchase four bank branches on the Olympic Peninsula.
The branches are in Port Angeles, Sequim, Port Townsend and Hadlock. The locations have $268 million in deposits and less than $1 million in loans, according to a news release from 1st Security Bank.
1st Security Bank is headquartered in Mountlake Terrace and has been in operation since 1936. It currently has seven branches, including a new branch that it just opened in Mill Creek.
“We believe this will be a great fit and is a natural extension of our Puget Sound focused retail footprint,” said Joe Adams, 1st Security Bank’s CEO, in a statement.
The purchase is subject to receiving regulatory approvals, and customary closing conditions. Under the agreement, 1st Security Bank will assume certain liabilities, including checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area.
1st Security Bank will be acquiring all four retail locations, including their ATMs. Two branch properties are owned and two branch properties are leased with 1st Security Bank assuming the leases.
Both banks are working closely together to ensure a seamless transition for the customers and employees. 1st Security Bank plans to retain the employees and keep each of the locations open after the transaction is complete.
The transaction is scheduled to close in January 2016.
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