First Independent Bank is using a nontraditional banking office at Cascade Station near the Portland International Airport to demonstrate to the local market and to the Federal Deposit Insurance Corp. that it’s serious about moving into Oregon.
The Vancouver-based bank, which is working toward acquiring an Oregon charter, is leasing 2,200 square feet at the retail center that is home to the area’s first IKEA furniture store – set to open at the end of July.
The office will focus on small-business banking and will house a loan production office and deposit production office, said public relations manager Tammi Olund.
Customers will be able to make deposits and secure loans there, but they will be processed at the Cascade Park branch on the north side of the river.
Olund called the expansion a baby step in a very long, slow process of securing a charter and establishing a presence in Oregon.
When it opens – likely in October, depending on when construction wraps up – the location will be the third in the state, joining a private baking location at Koin Tower in Portland and a mortgage office.
Expanding into the state has been an ongoing desire of the bank, but acquiring a charter is difficult. Oregon is known as one of the more difficult states in which to do so, Olund said.
Banks can either acquire another bank that has a charter, which is quite expensive, or they can obtain their own charter, which is also quite expensive and time-consuming, she said.
“I’ve been told that it’s easier just to obtain an existing bank,” Olund said.
The Cascade Station location will focus on small business because it makes sense, with the high concentration of retail and business parks there. Plus, it is ideal for commuters who use Interstate 205 daily, Olund said.
The bank tentatively plans to hire five new employees for the office.
