Spokane Journal of Business

First Savings Bank plans Spokane Valley branch

Walla Walla institution has loan office here now

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First Savings Bank of Washington, a subsidiary of Walla Walla, Wash.-based First Washington Bancorp Inc., is seeking permission to open a branch in the Spokane Valley.

First Savings has applied to the Federal Deposit Insurance Corp. to open the full-service branch at 12209 E. Mission. A legal notice advertising the application was published last week.

A First Savings Bank official says the bank still is negotiating its lease of the proposed location here and declines to comment on plans for the branch.

First Savings operates a real-estate loan production office at 201 W. North River Drive here, but the proposed Valley location would be its first full-service branch here. First Savings Banks full-service branches offer savings, checking, and money-market accounts and commercial, agricultural, and consumer loans, as well as credit-card and investment services, the institutions web site says.

In addition to owning First Savings, which operates branches in Washington and Idaho, First Washington Bancorp also owns Inland Empire Bank, which has branches in Oregon, and Towne Bank, in the Seattle area. Together, the institutions operate a total of 36 branches and six loan offices in Washington, Oregon, and Idaho.

The bank holding company reported net income of $4.6 million, or 43 cents a share, for its third fiscal quarter ended Dec. 31, up from $3.9 million, or 36 cents a share, in the year-earlier period.

  • Anita Burke

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