By Jason Miller
Posted 9.9.19, 10:50 a.m.

SaviBank President Andy Hunter told Concrete Herald this morning that SaviBank and Columbia Bank have reached an agreement for the sale of Columbia’s existing Concrete branch building, and that the only major step remaining is for state and federal regulators to approve the branch application. SaviBank will then be free to open and operate a Concrete SaviBank branch.

Hunter said the regulators—Washington State Dept. of Financial Institutions (DFI) and the Federal Deposit Insurance Corporation (FDIC)—“have said they’ll expedite the process. Everybody involved is working with us, because I think it’s in everybody’s best interest to have a bank in Concrete,” he said.

A firm opening date for the SaviBank branch has not yet been determined. Columbia Bank announced in April that it would close its Concrete branch on Sept. 13 at 3 p.m.

“I would have loved to be able to open [on Sept. 16], but the process takes longer than we would hope,” said Hunter.

Hunter said that Columbia was collaborative while SaviBank performed its due diligence during the months leading up to its decision, adding that the current Columbia Bank employees will be given the option of staying at the branch as SaviBank employees.

“I’m really, really confident this will happen,” said Hunter. “We felt that as a community bank, it was the right thing to do.”

SaviBank (formerly known as Business Bank) is a commercial bank chartered in the State of Washington with a community bank focus. The Bank began operations April 11, 2005. SaviBank serves Skagit, Whatcom, and Island Counties with branches in Sedro-Woolley, Burlington, Mount Vernon, Anacortes, Bellingham, Freeland, and Oak Harbor. The bank provides loan and deposit services to customers who are predominantly small and middlemarket businesses and individuals in and around Skagit, Island, and Whatcom counties.

For more information about SaviBank, go to http://www.savibank.com.