1st Security Bank of Washington will eliminate its Everett and Seattle branches early next year, part of a plan to increase the bank’s presence in Lynnwood and Puyallup.
Officials of the Mountlake Terrace-based bank said consolidating the branches will improve business efficiency and stressed that the small community bank is “in a fortuitous operating position.”
The restructuring has two phases. The two branches will close in March, and operations will be consolidated at the Lynnwood branch, located at 19002 33rd Avenue.
That location is scheduled for renovations in early 2010. The bank’s Puyallup branch will also be renovated, replaced with a new 2,500-square-foot facility set to debut later that year.
“These changes to our branch network reflect a continuation of our strategic business plan that has been in place for several years now,” said Joe Adams, chief executive officer of 1st Security Bank.
He said deciding to close a branch is never easy. Customers shouldn’t notice and interruption in service during the construction process, according to a statement from the bank.
1st Security Bank sold branches in Tacoma and Port Angeles to Sound Community Bank in September. After the closures in Everett and Seattle, the bank will have six branches.
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