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Sound Community Bank completes Columbia Bank branch purchases
Sound Community Bank announced it completed the purchase of three Columbia Banks in Sequim, Port Angeles and Port Ludlow on Monday, Aug. 25.
In Sequim, Sound will operate both Columbia and Sound branches at 645 W. Washington St. and 541 N. Fifth Ave. before moving from and closing its original Fifth Avenue branch at the close of business on Friday, Sept. 12.
In Port Angeles, Sound Community Bank will operate the current Columbia Bank branch as Sound Community Bank until Monday, Nov. 10, before consolidating into the existing Sound branch at 110 N. Alder St.
Port Ludlow’s branch, 9500 Oak Bay Road, remains at the same location with new Saturday hours from 9:30 a.m.-1 p.m. starting Saturday, Oct. 4.
Through the purchase, Sound received about $22.2 million of deposits and $1 million in loans while paying Columbia Bank a 2.35-percent total deposit premium.
Sound Community Bank adds nine new employees, including three from Sequim, from Columbia Bank’s branches.
“The acquisition of these Columbia Bank branches helps us expand our market share and our community impact on the peninsula,” said Laurie Stewart, president and chief executive officer of Sound Community Bank.
“We are pleased to offer our great products and services along with our expert client service to the residents of Clallam and Jefferson counties.”
Port Ludlow’s branch is Sound’s first in Jefferson County. The bank has six retail offices, one virtual “EZ branch” and one loan production office.
For more information, visit www.soundcb.com.