This new bank is establishing its headquarters in Bellingham
A new community bank is establishing its headquarters in Bellingham and hopes to open more branches throughout Whatcom County.
Savi Financial Corporation, which operates SaviBank, has filed regulatory paperwork to convert its Bellingham branch to a separate bank, to be named Orca Bank. The bank will be at 1910 Broadway, in Bellingham’s Fountain District.
Once approved by federal regulators, Orca Bank will be considered a sister bank to SaviBank, with a separate, local board of directors and management team, said Michal Cann, chairman and president of Savi Financial Corporation.
The goal in establishing a separate bank is so decisions can be made on a strictly local level, Cann said in a phone interview.
“Our focus with Orca bank is Whatcom County and we see great potential,” Cann said.
Getting federal approval to establish a new bank can take several months, so Bellingham SaviBank customers won’t see the changes until later this year. Once approved, those customers shouldn’t notice much difference in terms of types of services offered, however, those going in for a business or real estate loan will find they are working directly with staff who are making those approval decisions, Cann said.
Cann said Orca Bank plans to add several more people to its current staff of around 10. Cann will be chairman and CEO of Orca Bank while Drew Wilkens was recently hired to be president.
The board of directors consists of a variety of local business people, including Lydia Bennett, Keith Carpenter, Julian Greening, Rogan Jones, Chester Lackey, Manuel Llanos, Regan Walker Sayres, Ali Taysi and Richard Tremaine.
According to the FDIC, SaviBank had $64.4 million in deposits at the Bellingham branch at the end of June 2021. That’s the smallest market share among banks that have Whatcom County branches, coming in right behind Columbia State Bank’s $66.4 million in Whatcom County deposits. Both SaviBank and Columbia are the only banks with just one branch in Whatcom County.
With nine offices in Whatcom County, Peoples Bank has the highest market share in local bank deposits, with $1.35 billion at the end of June 2021.
After Bellingham, Cann said they see potential in establishing branches in other Whatcom County communities, as well as in other parts of Bellingham.
“We are creating Orca Bank solely for the benefit of Whatcom County. Any bank can claim they help the community, but Orca Bank will be a full-fledged, independent, local bank committed exclusively to Whatcom County communities,” said Drew Wilkens in a news release about the announcement. “We are also excited about the group of community leaders we brought together as our directors.”
With its eight other branches, SaviBank will remained focused in areas just south of Whatcom County, including Skagit and Island counties. It also has a loan production office in Friday Harbor.
