Coastal Community Bank to sell Freeland branch to SaviBank

Rhea-AI Summary

Coastal Community Bank plans to sell its Freeland branch to SaviBank, with the deal expected to close in early Q2 2021. The transaction involves Coastal’s 2900-square-foot office and approximately $24 million in deposits. SaviBank will relocate its existing Freeland branch to the Main Street site, enhancing customer access with nine branches in nearby counties. CEO Eric Sprink emphasized the seller's obligation to evaluate the long-term impacts for shareholders and customers while ensuring continuity of service through SaviBank's commitment to uphold Coastal's customer service standards.

Positive

• Sale of Freeland branch to SaviBank enhances customer access with a more favorable location.
• SaviBank has a strong regional presence with nine branches, improving service for Freeland customers.

Negative

• None.

EVERETT, Wash., Feb. 23, 2021 (GLOBE NEWSWIRE) -- Coastal Community Bank (Coastal) announced today that it plans to sell its Freeland branch to SaviBank.

The deal with the Mount Vernon-based SaviBank should close in early second quarter 2021 and includes Coastal’s 2900-square-foot office on Main Street in Freeland and about $24 million in deposits. SaviBank will move an existing Freeland branch from 5575 Harbor Avenue into the Main Street location after the sale closes.

“When we were presented with an offer from SaviBank, we had an obligation to our shareholders to consider and evaluate the long-term impact,” said Eric Sprink, President & CEO, Coastal Community Bank. “Many things were taken into consideration, including the impact to customers, and after a great deal of evaluation and discussion, it was decided that it is in the best interest of Coastal to sell the branch.”

As a potential buyer, SaviBank brings a positive outcome for clients. The bank has nine branches in Island, Skagit, and Whatcom Counties, giving Freeland customers more access to locations. This also makes the location easier for Savi to support with nearby staff for coverage.

“SaviBank is excited for this opportunity to work with Coastal Community Bank and its branch in Freeland,” said Andy Hunter, President and CEO, SaviBank. “This new branch is in a better location and will help us expand our footprint in Freeland and throughout Whidbey Island. Coastal has done an excellent job with its customers, and we plan to carry on that tradition as we combine our staffs to meet customers’ needs.”  

About Coastal Community Bank
Coastal Community Bank was founded in Everett in 1997 and has 15 branches in Snohomish, Island, and North King County. Coastal is a true community bank offering a wide variety of deposit and credit products to meet the needs of businesses and consumers in the greater Puget Sound area. For more information about Coastal Community Bank, Member FDIC, visit www.coastalbank.com.

FAQ

What is the Coastal Community Bank Freeland branch sale about?

Coastal Community Bank is selling its Freeland branch to SaviBank, expected to close in early Q2 2021.

What is the value of deposits involved in the Coastal Community Bank branch sale?

The sale includes approximately $24 million in deposits.

When will the sale of the Freeland branch by Coastal Community Bank be finalized?

The sale is expected to close in early second quarter 2021.

How does the sale of the Freeland branch impact customers?

The sale to SaviBank will provide Freeland customers with better access to banking services due to SaviBank's existing branches.

What is Coastal Community Bank's future after selling the Freeland branch?

The bank will focus on its remaining 15 branches in the region while ensuring its customers' needs are met through SaviBank.