~ originally published in the Journal of Business on July 28, 2011 ~
Bank of Fairfield, based in Fairfield, Wash., says it plans to open loan production offices next month in Colfax and Oakesdale, Wash.
The company has bought two buildings to house the offices, says Bank of Fairfield President Jay Wernz. The 1,700-square-foot building in Oakesdale, where an AmericanWest Bank branch formerly operated, is located at 114 W. Steptoe. The building in Colfax, formerly used by an insurance agency, is located at 402 S. Main and has 1,250 square feet of floor space. Minor alterations are being made at both locations to accommodate the loan production offices, Wernz says. He declines to divulge the cost of buying the buildings and opening the loan offices.
Four employees, including two loan officers, will split time between the two locations. The sole purpose of the offices will be to process agricultural, commercial, consumer, and real estate loans; they won’t be able to accept deposits or offer any retail banking services, Wernz says.
The purpose of opening two new loan offices 18 miles apart is to increase the bank’s presence in the agricultural communities, whose economies have been doing well, Wernz says.
“We felt we could provide a service to the community and benefit the bank,” Wernz says.
The Bank of Fairfield, founded in 1908, currently has six branches in all, located in downtown Spokane, Spokane Valley, Spangle, Rockford, Rosalia, and Fairfield.