North Sound Property News

The first time I drove by and saw the Whidbey Island Bank banner fluttering where a CityBank sign used to be, I couldn’t remember what the banner had replaced.  But when I saw a banner had been installed at the former City Bank location next to the grocery store where I usually shop, it suddenly dawned on me - “Ah, so City Bank went under.”

I had friends that used to work in that branch.  One of whom I specifically remember telling me that the majority of their business at one point was construction loans to small and medium sized builders.   They were hardly unique in that respect since that was everyone’s bread and butter until a couple of years ago.  Still, as the real estate market began to struggle I often wondered how that was working out for them.  I guess I have my answer.

This kind of bank rebranding is one of the most obvious signs of the changing times here in Mukilteo.  The first time it happened was with Washington Mutual, which made national headlines when it was taken over by Chase.  That one didn’t really hit home so much (although I used to bank there years ago) because Wamu had long since gone national. 

When it happened again just last week, this time it truly was local.  City Bank, which in addition to its location here in Mukilteo had others in Lynnwood and around the north end of Seattle, was taken over by Whidbey Island Bank last weekend, with little fanfare other than the quick installation of some banners to cover the City Bank name. 

As a former customer of Whidbey Island Bank I was interested to see the bank expanding off of the island…makes you sort of wonder if they will have to change their name, now that they are no longer just a “Whidbey Island” bank?

I am also curious how many other local banks will find themselves in a similar situation in the next year or two.

About the Author: Sandy Kaduce is Associate Broker of Gallery Homes Real Estate. She serves buyers and sellers in North King and South Snohomish counties. She is 2009 Board President of the Mukilteo Chamber of Commerce, as well as Vice President of Site Selection for Habitat for Humanity of Snohomish County. For more information, visit Sandy on the web at www.sandykaduce.com! Read more from this author