1st Security Bank of Washington has announced that it will close two under-performing branches in Puyallup and Marysville to improve the efficiencies of the bank’s operations.
In Puyallup, 1st Security has two branches within close proximity, one in downtown Puyallup and one on South Hill. The South Hill branch at 12009 Meridian E will close on June 5, 2009. Its assets and customer base will be combined with the downtown branch located at 307 W Stewart Street.
The Marysville branch at 11525 State Avenue NE will close on May 1, 2009. Current Marysville customers will be supported by 1st Security Bank’s Everett branch located at 11102 Evergreen Way. During the closure process, 1st Security does not anticipate any disruption of services to its customers.
The two branches have a total of nine full-time employees. Three employees will be placed in other positions within the bank; six will be laid off as a result of the closures.
Joe Adams, CEO of 1st Security Bank, said: This is a strategic business decision that has been under careful consideration for some time. Closing a branch is never an easy decision to make. We want to ensure minimal disruption to our valued customers. Our decision to close the two branches is in no way related to the recent national banking challenges. Unlike many banks, we did not make subprime mortgage loans nor did we have any Fannie Mae or Freddie Mac preferred stock.
