Error
  • JFolder::create: JLIB_FILESYSTEM_ERROR_COULD_NOT_CREATE_DIRECTORY Path: /com_zoo
  • JFolder::create: Could not create directory Path: /images
  • JFolder::create: Could not create directory Path: /images

South Valley Bank and Trust Sale

, Written by Lyle Ahrens, Posted: Thu, October 18 2012 at 4:56 PM, Updated: Thu, October 18 2012 at 5:07 PM

The sale of the only Klamath Falls-based bank will be complete at the end of this month.

South Valley Bank and Trust will soon become part of Washington Federal.

Ray Driscoll, Jr. hopes that the new bank owners will understand his personal financial situation...

"I'm in the logging industry."  Explains Driscoll.  "And it sure helps that people understand seasonal situations, and what we're up against."

South Valley Bank and Trust President and CEO Bill Castle notes that it was announced this morning that the sale will be complete on October 31st...

"At this point in time, all the appropriate regulatory approvals have been received."

The proposed sale was announced last April. 

Castle says that a few of the 185 people working at South Valley's 24 branches will lose their jobs...but no exact numbers have been given.  "In the administration arena, yes - there are contemplated displacements."

The recession has been tough on banks, and their stockholders.  The sale will allow for payment of dividends to nearly 400 South Valley shareholders.

Castle notes that it will be several months before sign changes are made...

"Certainly by spring, early summer, you can expect to see Washington Federal's sign change."

The sale of South Valley Bank and Trust is more than a business deal for many, who have been with the bank since it started in 1977.

Ray Driscoll says: "I'm very concerned that we're losing some local interest in the banking here, for sure."

Once the deal closes, Washington Federal will have about 14 and a half billion dollars in assets, with 190 branches in 8 western states.

 

About the Author

Lyle Ahrens

KOTI-TV NBC2 reporter Lyle Ahrens moved from Nebraska to Klamath Falls in the late 1970's.  He instantly fell in love with the mountains, the trees and the rivers, and never once regretted the move.

Lyle's job history is quite colorful.  He’s managed a pizza parlor; he’s been a bartender, and a “kiwifruit grader” at an organic orchard in New Zealand.  A Klamath Falls radio station hired Lyle in the mid 90's as a news writer and commercial producer.  In 2004, Lyle joined the KOTI/KOBI news operation.

Lyle notes with pride that he has a big responsibility presenting the Klamath Basin to a wide and varied audience.  "The on-going water crisis has underscored the fact that the people and the issues in the Klamath Basin are every bit as diverse as the terrain.  Winning and keeping the trust of the viewers, as well as the newsmakers, is something I strive for with each story".

When he's not busy reporting the news, Lyle enjoys astronomy, playing guitar, fixing old radios and listening to anything by Sheryl Crow.

Leave a Comment:

Note: Comments with profanity are automatically filtered and hidden. Verbal attacks towards others via our comments section will not be tolerated.