Bank of Idaho Helps Iconic Record Store With Succession

Rhea-AI Summary

Bank of Idaho has facilitated the acquisition of the Record Exchange, a historic downtown Boise business, by employees Catherine Merrick, Glenn Newkirk, Chad Dryden, and Erica Sparlin Dryden. The deal was prompted by the retirement of long-time owners Michael Bunnell and Jil Sevy, ensuring the store's continuity. Bank of Idaho's support was crucial as the new owners navigated the purchase process. The new ownership, with over 40 years of combined experience, aims to continue the legacy of the store while fostering a strong relationship with the bank for future endeavors.

Positive

• Successful employee acquisition of the Record Exchange, demonstrating a commitment to community and continuity.
• New owners bring extensive experience from working at the store, indicating a strong potential for continued success.
• Ongoing relationship between Bank of Idaho and Record Exchange may provide financial stability and support for future growth.

Negative

• None.

BOISE, ID / ACCESSWIRE / November 15, 2021 / Bank of Idaho has helped the Record Exchange, a landmark business in downtown Boise since 1977, remain the fixture that locals know and love.

Bank of Idaho commercial bankers Machele DuBois and Saul Hernandez worked to help a trio of Record Exchange employees purchase the business from retiring owners Michael Bunnell and Jil Sevy.

"Maintaining continuity was important to everybody," DuBois said. "The Record Exchange is practically a civic treasure, so we wanted to do everything we could to make this as seamless as possible."

With more than 40 years combined experience working the aisles at Record Exchange, the new owners are Catherine Merrick, Glenn Newkirk and Chad Dryden, plus Dryden's wife, Erica Sparlin Dryden.

"All of us in our ownership group were brand new to this process. So we were essentially starting from scratch with our knowledge base," Chad Dryden said. "Bank of Idaho was really good about walking us through the process step-by-step so we understood everything that we were seeing. We felt we were taken care of very well."

He said the store's longtime owners announced their intentions to retire at an all-staff meeting early this year. Things moved quickly after that. The new owners have now been at the helm for two months.

And though the deal is done, the relationship with Bank of Idaho has only just begun. "There are some banks that are very transaction-minded, and if that works for them, that's good," Hernandez said. "But for us, we definitely want to be in a relationship, because in time they will need other things, and we can be there already knowing the history and performance of the company."

As a perennial force in the burgeoning Boise music scene, the Record Exchange is poised for future endeavors with Bank of Idaho.

"For us, It's the most ideal situation when employees can qualify to buy a business," DuBois said, "because we know that the employees have contributed to the current success, so it's a promising sign for success going forward."

And Bank of Idaho President and CEO Jeff Newgard is inspired by the prospect. "I've got a bit of vinyl myself, and the Record Exchange is only a couple blocks away from our downtown Boise office," he said. "So to me this deal is a perfect example of how community banking can transcend financial ties and make a real difference in our everyday lives."

PHOTO CUTLINE: Record Exchange owners (facing camera, from left) Catherine Merrick, Glenn Newkirk and Chad Dryden speak with Bank of Idaho loan officers Saul Hernandez and Machele DuBois outside of the downtown Boise business.

Contact: Tyler Kraupp
Phone: 1.208.390.0667
Tyler.Kraupp@bankofidaho.net

SOURCE: Bank Of Idaho Holding Co

View source version on accesswire.com:
https://www.accesswire.com/672999/Bank-of-Idaho-Helps-Iconic-Record-Store-With-Succession

FAQ

What is the recent acquisition involving BOID?

Bank of Idaho helped a group of employees acquire the Record Exchange, a landmark business in Boise, ensuring its continuity.

Who are the new owners of the Record Exchange?

Catherine Merrick, Glenn Newkirk, Chad Dryden, and Erica Sparlin Dryden are the new owners of the Record Exchange.

What role did Bank of Idaho play in the Record Exchange acquisition?

Bank of Idaho provided essential support to the new owners throughout the acquisition process.

When did the Record Exchange change ownership?

The acquisition was completed recently, with the new owners having been in charge for two months as of the press release date.

How might the Record Exchange's acquisition impact its future?

With experienced local owners and support from Bank of Idaho, the Record Exchange is positioned for future success and community engagement.