Wheatland Bank

FOR IMMEDIATE RELEASE     
September 1, 2010  

Wheatland Bank Breaks Ground on new Wenatchee Branch
CEREMONY HELD WEDNESDAY, SEPTEMBER 1ST AT 10AM

(Wenatchee, WA) – Ground breaking ceremonies will be held Wednesday, September 1 at 10:00 am to begin construction of Wheatland Bank’s new permanent full service branch in Wenatchee at 1115 N. Miller St. Wheatland Bank has been leasing temporary branch space in an office building located adjacent to this location since entering into the market in December 2007, when it launched its major expansion into central Washington.  Total construction costs of the new 5,440 square foot branch and site improvements will be approximately $1.1 million.  Susan Horton noted that it was very important to the Bank’s Board and management that as many local contractors as possible be included in the bid process, and she is pleased that approximately 50% of the construction work has been awarded to central Washington contractors, including numerous local subcontractors based in Wenatchee.  Wheatland Bank has hired Vandervert Construction, LLC as the general contractor for the project.
 
The new state of the art Wenatchee branch will include a traditional yet innovative customer service center and full service loan center, with a large team of experienced local bankers providing personalized and comprehensive business, agricultural, real estate and personal banking services.    Wheatland Bank’s new Wenatchee branch will also include a three lane drive-thru including one lane dedicated to its drive thru ATM.  “We are excited to begin construction of our permanent full service branch in Wenatchee and to expand our presence and service in the greater Wenatchee Valley” said Susan Horton, Chairman, CEO and President.   Wheatland Bank purchased the former Burger King site in late 2009, demolished the existing building and has been actively engaged in the planning and design of its new branch since then.  The new branch is expected to be completed by February, 2011.

President Horton said “While customers enjoy the convenience and remote access of modern banking technologies like internet, remote deposit capture and mobile banking, all of which Wheatland offers, we believe that these services can only compliment, but never replace, the personal human touch and service only people can really provide.  For this reason, Wheatland will continue to expand with brick and mortar branches like its new Wenatchee branch, and maintain decentralized local decision making and consulting advice provided by the very best local banking experts.  We believe that building a permanent Wenatchee full service branch will also make a big statement to the community. People want to see that Wheatland Bank is here to stay. This branch demonstrates our long term commitment to Wenatchee”.

Susan stated that Wheatland Bank’s Wenatchee team has a unique and specialized wealth of business and agricultural banking and lending expertise in the local community, that she believes is second to none. This team of local bankers provided the foundation for Wheatland Bank’s central Washington expansion which began in late 2007, and to date has included new branches in Wenatchee, Yakima, Ellensburg and Chelan and generated approximately $100 million in combined customer loan and deposit accounts. She credits Wheatland’s local banking team with the early success and strong following in Wenatchee. Their efforts and the new business generated from loyal customers made this project feasible; the new Wenatchee branch will only enhance Wheatland Bank’s ability to serve new and existing customers. 

Wheatland Bank was recently rated 5-Stars by Bauer Financial for the 13th consecutive quarter and noted as one of the strongest banks in the country.  Wheatland Bank is currently the only 5-Star rated bank in Wenatchee.  The 5-Star rating is the highest rating attainable from Bauer Financial, the nation’s leading independent bank and credit union rating and research firm. No institution pays for its rating, nor can it be eluded. Despite the tumultuous industry and economic conditions, Wheatland Bank has maintained strong capital, liquidity, asset quality and profitability levels, comparing favorably to the industry peer groups, both locally and at the national level. Wheatland is proud of the fact that they maintained their safe and sound position.

A locally owned independent community bank headquartered in Spokane, Wheatland Bank’s commitment to eastern and central Washington is strong and has deep roots.  The Bank was formed in 1979 in Davenport, Washington, to serve the needs of local businesses, farms and consumers, and has since expanded that commitment through its thirteen branches throughout the region. 

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