After more than 30 years in Sequim, Bank of America’s local branch, 114 S. Sequim Ave., is set to become 1st Security Bank.
CEO Joe Adams for 1st Security Bank made the announcement on Sept. 1 that the Mountlake Terrace-based bank will acquire Sequim, Port Angeles, Port Hadlock and Port Townsend Bank of America branches with about $268 million in deposits and less than $1 million in loans.
Adams said they learned of the sale through Raymond James Financial, Inc.
“We are excited to have the Jefferson and Clallam County employees and customers join the 1st Security family,” Adams said. “We believe this will be a great fit and is a natural extension of our Puget Sound-focused retail footprint.”
Adams said about 25 employees among the four branches will be retained but the total number of customers still is being determined.
All four branches will remain open, he said.
1st Security Bank has retail branches in Capitol Hill, Edmonds, Lynwood, Mill Creek, Overlake, Poulsbo and Puyallup and standalone home lending offices in Bellevue, Port Orchard, Puyallup and the Tri-Cities.
Adams said they plan to do home loans out of the four Olympic Peninsula branches, too.
Functionally, details for customers still are being worked out, Adams said.
“There’s quite a bit of communication in the coming months to come from both Bank of America and us,” he said.
Britney Sheehan, regional media relations manager for Bank of America, said during the transition Bank of America customers will continue to use their accounts, ATM/debit cards and access all services at the four locations until the sale is final and transition complete.
“We are working with 1st Security Bank to ensure a smooth and successful transition with minimal inconvenience for customers,” she said. “To support customers during the transition process, Bank of America has a team of dedicated customer care agents who are able to assist them and can be reached at 1-866-251-0233.”
A shift
The Bank of America branch previously was Seafirst Bank until Bank of America purchased it in 1983. It didn’t formerly change its name until 1999.
1st Security Bank officials said they’ll assume the four branches’ checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area subject to regulatory approvals and customary closing conditions.
Adams said they expect to close the sale in late January 2016.
Sheehan said Bank of America won’t comment on if it was actively seeking to sell the branch.
“We evaluated a range of factors and chose 1st Security Bank because of its capabilities and commitment to serving the community,” she said.
Sheehan added that as customers shift to banking outside of financial centers, Bank of America is adjusting its network, too.
“Our decision to sell is part of an initiative that is under way to adapt our overall financial center network to fit customers’ changing needs and habits, so rather than closing those financial centers, this decision has triple benefits — it maintains job opportunities for our financial center associates, keeps financial centers open in the community and allows local customers to continue banking at the location that is most convenient for them,” Sheehan said.
1st Security will assume ownership of the branch buildings in Port Angeles and Port Hadlock and continue leasing in Port Townsend and Sequim, Adams said.
As for the shift to more online banking, Adams said 1st Security Bank is experiencing the same kind of growth as other banks.
“We still believe most customers still want to go in and see their banker,” he said. “Like the four we’re moving into, we like being able to be there and have that in-person contact.”
Future growth is something 1st Security Bank continues to explore.
“This is a really good time for us as we’ve been in a growth pattern,” Adams said.
“With these four branches, we want to make sure the integration is good and works well and keep our eyes open for other opportunities.”
Sequim specific
Adams said part of the appeal in purchasing the Sequim and three other Olympic Peninsula branches was because they appear close to their communities and fit a population number they specialize in.
“The five branches (including Poulsbo) are in a geographical location that can support each other with vacations (and other shift changes), which is difficult if it’s just one branch out by itself,” he said.
Adams wasn’t aware of the role of Bank of America Park in Sequim but he’s interested in exploring how 1st Security Bank can support the community. The park sits on the southeast corner of Washington Street and Sequim Avenue and hosts several annual traditions such as Christmas lights.
“We really like working in communities with a sense of community,” he said. “All of those communities are where you can have an impact as a bank. We’re excited to sit down with the respective teams and better understand the needs and see where we can help. (The park) is a perfect example and the kinds of questions we can talk about with our teams and better understand where we can help.”
For more information on 1st Security Bank, visit www.fsbwa.com.
For more information on Bank of America, visit www.bankofamerica.com.
