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Beneficial State Closing Ilwaco Branch

July 18, 2014 | Letter from the CEO

 

From the beginning, Beneficial State Bank—formerly One PacificCoast Bank and ShoreBank Pacific—has been committed to serving rural communities. As we've grown, we've constantly assessed how best to bring beneficial banking services and aligned lending to communities, which includes recognizing when older models can no longer meet current banking demands or economics.

As providers of relationship banking, we work hard to respond to customer needs as fully and efficiently as possible. Customer service is stretched to cover our territory as it is.  With fewer and fewer of those customers proportionately residing in the Ilwaco area, it has become untenable to maintain a full branch at our site there.  This has been true for several years but in order to continue supporting Ilwaco, we converted that branch mostly to a customer service center attempting to cover our whole business. Weather events and the remote reach for service providers have hampered our efforts to support a customer service center in Ilwaco. The needs that are foundational to excellent customer service will grow nothing but larger as we increase our reach. It has therefore become a business case mandate to relocate and centralize our customer service operations to Portland for the Pacific Northwest.

Sadly, this means we can no longer justify a full branch in Ilwaco and we are notifying you today that the branch will be unwound in the regulatory prescribed manner over the next three months.  Of course, of most concern in this decision are our treasured co-workers in Ilwaco who are both our friends and our colleagues. They have served the mission of then ShoreBank Pacific and now Beneficial State Bank assiduously and with the highest dedication. We are extremely grateful for their service and customer care and want to make sure they land well after the transition. No matter what, we love them all and are very sad that we may not get to work with them in future if they cannot follow us to Portland. 

For those of our customers with accounts domiciled in Ilwaco, we will work very hard to make sure they experience no disruptions as they transfer to our Seattle branch. 

We remain committed to Ilwaco and will continue to work through our transactional and lending banking services, as well as our community partnerships, to support economic development efforts here and in other rural communities.

 

Sincerely,

Kat Taylor, CEO
Beneficial State Bank

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