1st Security Bank to Sound Community Bank Transition FAQ
As you may have heard, Sound Community Bank is purchasing 1st Security Bank's Port Angeles branch. Along with this announcement, you probably have some questions and we hope to do our best to answer them.
Q. What is happening?
A. Sound Community Bank is acquiring the Port Angeles branch of 1st Security Bank. This acquisition will include the branch facility located at 1405 E. Front Street, 1st Security Bank customer deposits and some deposit-related loans.
Q. Why is this happening?
A. 1st Security Bank has decided to focus on their core business markets located in the central Puget Sound corridor. At the same time, Sound Community Bank has been seeking opportunities to expand on the Peninsula. Both companies believe this will benefit customers, employees and the Port Angeles community. Sound Community Bank and 1st Security Bank are both local community banks with a common belief in high-quality customer service, competitive products and interest rates, as well as being an active member of the communities we serve.
Q. When will this happen?
A. We expect this will happen in late June, 2009; subject to regulatory approval. Your accounts will continue to be managed by 1st Security Bank until this becomes effective. You will be notified prior to the conversion date. At that time, your deposit accounts and deposit related loans will be transferred to Sound Community Bank.
Q. How does this affect me?
A. We’ll do everything we can to make this transition as easy and seamless as possible. 1st Security Bank employees will become Sound Community Bank employees, so you’ll be banking with the same friendly people you bank with today. A conversion team is already at work, assessing what needs to be done in order to facilitate the conversion. For changes that are necessary, we will let you know about them in advance.
NOTE: If you provide us with your e-mail address, we’ll send you regular e-mail updates to keep you informed. Ask us for a sign-up form today or send your e-mail information to customersupport@soundcb.com.
Q. Is my money safe?
A. You will continue to enjoy the same security provided by FDIC insurance that you have today. Additionally, Sound Community Bank is a participant in the federal Transaction Account Guarantee Program, which insures all checking account balances without limit. Sound Community Bank is also a member of the CDARS Network, available to depositors who have funds that exceed their FDIC insurance limits. And finally, you’ll be comforted to know that Sound Community Bank has been rated “Excellent/4 Stars” for safety and soundness by independent rating service Bauer Financial.
For more information, contact our Client Service Center at 800-458-5585 or email customersupport@soundcb.com.
We’re more than happy to address any of your questions or concerns.
