1st Security completes purchase of Olympic Peninsula branches

Published 1:54 pm Wednesday, February 3, 2016

MOUNTLAKE TERRACE — 1st Security Bank announced last week that it completed the purchase of four branches of Bank of America on the Olympic Peninsula.

The move increases the size of the Mountlake Terrace-headquartered bank from seven branches to 11. The four branches have about $189 million in deposits and less than $500,000 in loans. As of last June, 1st Security’s total deposits were about $470 million.

“The completion of this transaction serves to expand our Puget Sound-focused retail footprint onto the Olympic Peninsula and gives us a great opportunity to extend our unique brand of community banking into those communities,” said Joe Adams, chief executive officer for 1st Security Bank.

The new branches are in Hadlock, Port Angeles, Port Townsend and Sequim. Bank of America wanted to reduce its presence on the Olympic Peninsula and 1st Security Bank’s board of directors unanimously decided to acquire all four.