Published September 2002

Whidbey Island Bank moves into Stanwood, Arlington

By Bryan Corliss
Herald Business Writer

Whidbey Island Bank is invading the mainland.

In July, the bank opened a full-service branch in Stanwood and a loan production office in Arlington’s Smokey Point. They are the bank’s first two Snohomish County branches, giving it a network of 14 offices between Everett and Bellingham.

More branches are likely in the future, as both the bank and northern Snohomish County continue to develop, Whidbey President Mike Cann said.

“It’s a nice area to live,” he said. “It’ll continue to grow.”

Whidbey Island Bank has shown steady growth itself. It was started in 1961 in Coupeville as a strictly island bank. But during the early ’90s, faced with rumors of the closure of Whidbey Island Naval Air Station, the bank’s managers decided to spread out, Cann said.

That led to the initial forays into Whatcom and Skagit counties, he said. It also laid the groundwork for some significant growth.

The bank had total assets of roughly $60 million in 1992, Cann said. At the end of June, the total was $485 million.

Whidbey Island Bank had captured nearly 32 percent of the deposits in Island County, according to a report on second-quarter 2001 bank market share compiled by the Federal Deposit Insurance Corp.

The growth has been organic, he said, generated by paying attention to the basics of community banking — more high-touch than high-tech. Satisfied business banking customers have moved their personal accounts to the bank as well.

Still, the bank has invested in technology to improve customer service, Cann said. It has an electronic imaging system, for example, so that customers can view copies of their canceled checks.

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