Banner Bancorp will expand its presence in Western Washington this winter when it opens two branches in Snohomish County.
The move – which also includes a new branch in Kent – is part of a broader expansion strategy that Banner is pursuing to become “a very meaningful regional bank,” said Lloyd Baker, chief financial officer of the Walla Walla-based banking company.
Wells Fargo is selling off 15 of its Western Washington branches as it consolidates its holdings following its merger with Pacific Northwest Bank. Banner has bought three of those branches, plus an undeveloped property in Bellingham.
The list includes the former Pacific Northwest Bank branch on Evergreen Way in Everett, and the former Wells Fargo branch on 212th Street SW in Edmonds.
Banner agreed to not reopen the branches for six months after the sale, which closed earlier this year. Baker said his bank plans to remodel the sites and reopen them either late this year or early in 2005.
Banner is one of Washington’s oldest financial institutions. It was founded as First Savings Bank of Washington in 1890.
The company reorganized as a commercial bank in the 1990s and began acquiring other community banks. It changed its name to Banner Bank in 2000.
The larger Banner is a now a full-service retail and commercial bank, with expertise in lending for construction and land development, Baker said.
Banner’s expansion included acquisitions of the former Whatcom State Bank in Bellingham, and Towne Bank in King County, which left a gap in Banner’s presence up and down the I-5 corridor.
Banner has one full-service branch on Fourth Avenue W. in south Everett, and loan offices in Oak Harbor and Burlington.
Buying the branches from Wells Fargo will complement the existing network and “sort of fill in that footprint,” Baker said. “It’s a logical expansion for us.”
Banner will have 49 full-service branches and 12 loan offices in the Northwest when the new branches open this winter.
Banner Bank is not the only one to buy branches that Wells Fargo is selling off after the Pacific Northwest Bank merger.
Bank of Washington acquired a building in Redmond from Wells Fargo. It will be the fifth branch for the Lynnwood-based bank, which already operates in Edmonds, Mukilteo and Kirkland.
Reporter Bryan Corliss: 425-339-3454 or corliss@heraldnet.com.
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