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.
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