PRESS RELEASE
May 20, 2004
Contact
Joseph Beaulieu, Senior Vice President, Marketing
(360) 459 -1100
(360) 459 - 0137 (fax)
VENTURE BANK ANNOUNCES FIRST
EXPANSION INTO KING COUNTY
Kent Branch Scheduled to Open in
4th Quarter, 6-10 New Jobs Expected
Olympia, Wash. - May 20, 2004 - Venture Bank (www.venture-bank.com)
today announced it plans to expand for the first time into
King County, with the signing of an agreement for the
purchase of a branch building in Kent.
The branch, at 10914 SE Kent-Kangley
Road, is a former Pacific Northwest Bank branch which is
being acquired from Wells Fargo. This full-service location
is scheduled to open to the public later this year.
“We are excited about seizing another
opportunity to bring our style of banking to a great new
market,” said Jon M. Jones, President of Venture Bank.
“South King County is a natural progression in our strategic
plan to expand our franchise north along the Interstate
corridor.”
While a target of November 1st has been
set for the branch opening, much work needs to be done. The
Kent branch will be completely remodeled – one of the first
in the Venture system to showcase Venture’s new
customer-friendly, northwest-centric design and
architectural features, including a business center and
private meeting rooms.
The acquisition of the Kent facility
closely follows the Bank’s announcement that it has signed a
purchase and sales agreement for a new administrative
headquarters site in Pierce County. Venture intends to
construct a new, 50,000 square foot facility in the
multi-million dollar DuPont Station development.
Venture Bank, a subsidiary of
publicly-held Venture Financial Group, Inc. was founded in
1979. Its success is the result of a fierce commitment to
building lasting customer relationships and creating
exceptional customer experiences. 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.
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