MOUNT VERNON, Wash., Feb. 23, 2021 (GLOBE NEWSWIRE) — SaviBank, the banking subsidiary of Savi Financial Corporation, Inc. (OTC: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 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: Andrew Hunter
President & CEO