Opus Bank is Snohomish County’s largest by deposit market share, the California-based bank announced Monday.
The bank, which acquired the Everett-based Cascade Bank earlier this year, said it also has the highest level of deposits among community banks in the cities of Marysville, Snohomish and Everett, according to information from the Federal Deposit Insurance Corporation.
“As we grow Opus Bank across the Western region, our success at meeting and exceeding our clients’ expectations is proven by the steady growth of our clients’ deposit balances,” Stephen H. Gordon, chief executive officer of Opus Bank, said in a statement.
Over the past few years, several Snohomish County community banks, including Everett’s Frontier Bank and Lynnwood’s CityBank, have been seized by state and federal regulators and sold to larger banks.
California’s Union Bank bought Frontier. Washington Banking, the holding company for Whidbey Island Bank, bought both CityBank and Arlington’s North County Bank.
When Opus took over Cascade Bank, it announced plans to create a new regional bank in the West through other acquisitions and new branches. In September, Opus Bank said it will open five new branches in the West, including one in Kirkland.
As of the end of September, Opus said it had about $1.4 billion of deposits, including $666 million throughout Snohomish County, $355.6 million in the city of Everett and $61 million in the city of Snohomish.
“Much of our growth has come from those who have become increasingly dissatisfied with the larger banks, those same banks that participated in the devastation of our local economies, who were subsidized with taxpayer dollars and then returned the favor by arrogantly attempting to charge unnecessary junk fees,” Opus’ Gordon said.
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