Bank of Everett becomes Bank of the Northwest

Published 9:39 am Tuesday, February 23, 2010

The Bank of Everett, Bank of Tacoma, Bank of Bellevue and Issaquah Community Bank have been consolidated by Capitol Bancorp, Ltd., of Lansing, Mi., the $5.2 billion national banking company that owns the four affiliate Washington banks.

Former Bank of Everett Credit Officer Mal Harding is the new Community President of the Everett bank. Mike Deller, previously CEO, said that position has been eliminated in favor of the “community president” title. He will move to the bank’s board of directors.

“It’s a smart move in challenging times when banks are looking for new ways to conserve capital and stay profitable,” Deller said. “The shareholders solidly approved the consolidation change. I’ll be staying in the community and, after some time off, I’ll be looking for opportunities locally, hopefully in some leadership role,” he said.

Thomas Giovanelli will head the four-bank consolidation as chairman, president and CEO of the Bank of the Northwest, headquartered in Bellevue.