LYNNWOOD — Community-based The Bank of Washington recently completed a million-share offering to accredited investors; the success of the offer will strengthen the bank’s capital position and increase its lending capabilities.
Chief Executive Officer Gary Schmitt of the bank and its parent W
ashington Bancorp said the new capital will increase the Bank of Washington’s capital-to-asset ratio in excess of 10 percent. In addition, new capital allows the bank to meet its regulatory agreement, as to its capital ratio, and provides capital available to increase lending to local businesses and individuals in the communities served by the Bank.
Schmitt said the vast majority of the offering was secured by present shareholders, thus keeping bank ownership with local investors who hold strong ties with and confidence in community banking. The six Bank of Washington branches serve Edmonds, Mukilteo, Everett and Lynnwood in south Snohomish County and Redmond and Issaquah in King County. Headquarters is in Lynnwood.
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