PRESS RELEASE
May 06, 2004

Contact
Joseph Beaulieu, Senior Vice President, Marketing
(360) 459 -1100
(360) 459 - 0137 (fax)

VENTURE BANK INKS DEAL FOR FUTURE HEADQUARTERS
SITE AT DUPONT STATION

Anchor Tenancy Showcases Bank’s Strategic Growth Plans Along I-5 Corridor

Olympia, Wash. -  May 06, 2004 - Venture Bank (www.venture-bank.com), which has been reporting record year-over-year revenue and earnings growth, today announced it has signed a purchase and sales agreement for a site on which to construct a future headquarters facility at DuPont Station in Pierce County. The planned 50,000 square foot building will make Venture Bank anchor in the multi-million-dollar development when the physical move occurs in approximately 2 years.

 

“Customer response to our new name, new branch design, and focus on creating an exceptional customer experience is outpacing not only our expectations, but our existing office space,” said Jon M. Jones, president of Venture Bank. “Our expansion to a new facility just 10 minutes north of our current Lacey headquarters will give us the room to consolidate some administrative functions that are now spread among a number of locations.”

 

The selection of the DuPont Station site followed a lengthy and thorough needs analysis and site review process. The site’s easy access to, and visibility from, the heavily transited I-5 corridor were among the key factors considered in that process. “We looked hard for a suitable site in Thurston County, specifically the Hawks Prairie area,” Jones noted. “In the final analysis, the DuPont Station property offered an unbeatable package, essentially right next door, in a premier development.”

 

Venture Bank’s notable neighbors in the DuPont Station development will include Intel, State Farm Insurance, and the multi-million-dollar Northwest Landing retail and residential complex, managed by Quadrant Corporation.

 

“We’re thrilled to have Venture Bank anchor our planned commercial development community, said Mike Rabstoff, managing partner of Dupont Station Partners. “Their superior performance and commitment to the communities they serve will be a strong asset to Dupont Station.”

 

Venture Bank, a subsidiary of publicly-held Venture Financial Group, Inc. has entered a 90-day due diligence period with Dupont Partners, prior to formal completion of the sale. Jones noted that there are a number of contingencies included in the agreement. “We have some significant obstacles to overcome before the deal can be finalized, but we’re hopeful that all these can be worked out within the next few months,” Jones added.

 

The announcement is in keeping with the Bank’s strategic plan, intended to focus and project growth along the I-5 corridor, while retaining the independent-minded, Northwest-centric attitude and commitment to personal relationships that have been the foundation of the Bank’s success. It closely follows the Bank’s recent acquisition of a Tacoma financial services company which was combined with Venture’s existing financial services division, forming a new company called Venture Wealth Management.

 

Change has been a fundamental part of the Bank’s success since it was founded in 1979 as Lacey Bank. Renamed First Community Bank in 1981, it became Venture Bank in 2003. It offers a full spectrum of financial services, including commercial, construction, residential and consumer lending, deposit products, online banking and bill pay, and, most recently, related investment planning services.

 

Further information about the bank may be found on the Internet at  www.venture-bank.com.

 

Note Regarding Forward-Looking Information: This news release may contain statements that are not historical in nature and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”). Forward-looking statements are subject to the risks and uncertainties that may cause actual future results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company does not undertake any obligation to publicly release any revisions to forward-looking statements contained in this release, with respect to events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events. Such risks and uncertainties with respect to the Company include those related to the economic environment, particularly in the region in which the Company operates, competitive products and pricing, fiscal and monetary policies of the federal government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management and asset/liability management, the financial and securities markets, and the availability of and costs associated with sources of liquidity.

 

Back to News Releases