Spokane Journal of Business

Everett bank to open branch in Spokane

Coastal Community Bank opened loan-production office in Spokane last year

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Coastal Community Bank, of Everett, Wash., says it plans to open its first full-service branch in Eastern Washington in downtown Spokane this winter.

The bank opened a loan-production office here last December and moved that office in July to its current location in the Jefferson Street Auto Lofts, at 152 S. Jefferson, says President and COO Eric Sprink. It hopes to launch its full-service branch in that roughly 3,500-square-foot space in December or January, Sprink says. It has received approval from the Federal Deposit Insurance Corp. for the branch and expects to get other needed approvals soon, he says.

The bank employs five people here currently and plans to hire up to three more employees when it opens the full-service branch, Sprink says. Its looking at opening other branches here in the future, but hasnt set a number of them or a timetable yet for that possible expansion, he says.

We saw Spokane as an opportunity, and were very familiar with the Spokane market, Sprink says. If we have an opportunity, we will continue to branch in Spokane and play our hand as it unfolds.

Coastal Community Bank, which was formed in 1996, currently has 74 employees and seven branches in Western Washington, he says. The bank has $184 million in assets, the majority of which are related to commercial accounts, he says.

Contact Emily Proffitt at (509) 344-1265 or via e-mail at emilyp@spokanejournal.com.

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