Burlington bank branches to consolidate
The operations at the Burlington branches of Skagit Bank and Banner Bank will be consolidated early next year after a merger between the two banks is finalized.
The Banner Bank location at 110 Cascade Mall Drive will close, with its operations consolidated into the Skagit Bank branch at 301 East Fairhaven Ave., according to Banner Vice President of Communications & Public Relations Kelly McPhee.
As with all Skagit Bank branches, the Fairhaven Avenue branch will become a Banner Bank.
Branches of the two banks that are a mile or less apart are being consolidated, McPhee said.
There will be four consolidation of branches in Whatcom and King counties.
Banner Bank announced Tuesday that all regulatory approvals for its merger with Skagit Bank have been received.
The merger, which was announced in July, has a few final steps left before it’s official, including securing approval from Skagit Bank shareholders, McPhee said. The deal will likely close in November, she said.
Branch consolidation will begin in the first fiscal quarter of 2019. When consolidations begins, McPhee said staffing decisions will be made on a case-by-base basis.
While some cuts are likely to be made, McPhee said Banner intends to use staff attrition over the next few months to limit cuts.
For now, “everything continues as it is today,” McPhee said.