Business
SaviBank to Purchase Freeland Branch From Coastal Community Bank
MOUNT VERNON, Wash., Feb. 23, 2021 (GLOBE NEWSWIRE) -- SaviBank, the banking subsidiary of Savi Financial Corporation, Inc. (OTCPink: SVVB), today announced
About this update from Coastal Financial Corporation
[{"type":"text","content":"MOUNT VERNON, Wash., Feb. 23, 2021 (GLOBE NEWSWIRE) -- SaviBank, the banking subsidiary of Savi Financial Corporation, Inc. (OTCPink: SVVB), today announced that it plans to purchase the Freeland branch from Coastal Community Bank (“Coastal”), a banking subsidiary of Coastal Financial Corporation (NASDAQ: CCB). The purchase of the branch, located on Whidbey Island at 1737 Main Street in Freeland, Washington, is expected to close during the second quarter of 2021, and includes Coastal’s office on Main Street in Freeland and approximately $24 million in deposits. SaviBank will relocate from its existing Freeland branch at 5575 Harbor Avenue to the new location after the sale closes. “SaviBank is excited for this opportunity to work with Coastal Community Bank and its branch in Freeland,” said Andy Hunter, President and CEO of 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.” “When we were presented with an offer from SaviBank, we had an obligation to our shareholders and the bank as a whole 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 the bank to sell the branch.” About Savi Financial Corporation and SaviBank:Savi Financial Corporation is the bank holding company for SaviBank. SaviBank began operations April 11, 2005, and has nine branches serving local communities in Anacortes, Burlington, Bellingham, Concrete, Mount Vernon (2), Oak Harbor, Freeland and Sedro-Woolley, Washington. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Island, Skagit, and Whatcom counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits. Call us or stop by one of our branches and we’ll show you how to bank Savi. For additional information about SaviBank, visit www.SaviBank.com. Forward Looking Statement This release m...