Venture Bank Shedding Seven Branches

LACEY, WA-Venture Bank, locally based for the time being, is unloading seven of its mostly small-town retail locations that don’t fit into its new strategy to focus on communities along the Interstate 5 corridor. The buyer is Timberland Bank of Hoquiam.The $10.5-million transaction includes the branch properties–in Toledo, Winlock, Elma, Montesano, Hoquiam, Aberdeen and a retirement community in Lacey–and $95 million in deposits. The sale is expected to close sometime this fall, resulting in a $4 million gain (net of tax) for Venture Bank.The sale closely follows Venture Bank’s purchase of a site in Kent for its first King County branch, which is scheduled to open later this year, and its recently announced plans to a new, 50,000-sf administrative headquarters at DuPont Station in Pierce County. All this activity is rooted in Venture Bank’s strategy, says Ken Parsons, president of the bank’s parent company, publicly held Venture Financial Group.”Focusing growth along the more densely populated, heavily transited interstate corridor is an important part of our plans,” says Parsons. “While the sale will have a positive impact on the company’s overall financial picture, its primary importance is strategic.” Venture Bank was formed in 1979 as Lacey Bank and two years later became First Community Bank. It changed its name to Venture Bank last year. The bank reported assets of $512 million for the first quarter ended March 31, a 10% increase over the same 2003 quarter. Earlier this week, Venture announced plans to repurchase about 3% of its outstanding common stock, which amounts to about 200,000 shares.