Savi Financial Corporation Receives FDIC Regulatory Approval for De Novo Bank Formation
- Regulatory approval received for the formation of Orca Bank
- Anticipated opening in Q1 2024
- None.
MOUNT VERNON, Wash., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Savi Financial Corporation, Inc. (OTC Pink: SVVB) (the “Company”), the bank holding company for SaviBank (the “Bank”), today announced that it has received regulatory approval from the Federal Deposit Insurance Corporation (“FDIC”) for its previously announced plan to form a new state-chartered commercial bank headquartered in Bellingham, Washington.
The transaction involves the formation of Orca Bank by applying for a de novo bank charter, with Savi Financial acquiring Orca Bank as a wholly owned subsidiary. Additionally, Orca Bank will acquire SaviBank’s Bellingham branch, located at 1910 Broadway, Bellingham, WA 98225. Formation, capitalization and acquisitions will occur simultaneously after issuance of the Orca Bank Charter upon approval by regulators and closing of the reorganization.
“We are very pleased to have received regulatory approval from the Federal Deposit Insurance Corporation and we are currently awaiting regulatory approval from the Federal Reserve Board. At this juncture, we anticipate opening Orca Bank during the first quarter of 2024,” stated Michal D. Cann, Chairman and President, Savi Financial Corporation.
“Over the past 12 months, we have come to realize that the need for a true community-based bank that serves only Whatcom County is now more important than ever,” said Drew Wilkens, Incoming President of Orca Bank. “With our talented and diverse board of directors, along with our very capable and purpose-driven staff; we are very much looking forward to fulfilling that need. This is a very exciting time for our organization.”
Michal D. Cann will be Chairman and CEO of Orca Bank and Drew Wilkens will be President of Orca Bank.
About Savi Financial Corporation Inc. and SaviBank –
Savi Financial Corporation is the bank holding company which owns SaviBank. The Bank began operations April 11, 2005, and has 10 branch locations in Anacortes, Burlington, Bellingham, Concrete, Mount Vernon (2), Oak Harbor, Freeland, Sedro-Woolley, and Friday Harbor, Washington, and a Mortgage Loan Production Office in Olympia. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Skagit, Island, Whatcom and San Juan counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits. For additional information about SaviBank, visit: www.SaviBank.com.
Forward Looking Statement
This release may contain “forward-looking statements” that are subject to risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy and management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to SaviBank or management, are intended to help identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include our ability to maintain or expand our market share or net interest margins, and to implement our marketing and growth strategies. Further, actual results may be affected by our ability to compete on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy, as those factors relate to our cost of funds and return on assets. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks may have a material adverse impact on our operations and business.
| Contact: | Michal D. Cann Chairman & President Savi Financial Corporation (360) 707-2272 |
