Business

Sound Community Bank acquires location in University Place

Sound Community Bank of Seattle has acquired $17.7 million in deposits from Sunwest Bank of Irvine, California, and will also gain its branch location in University Place.

Loans are not part of the transaction, and the bank staff at the 4922 Bridgeport Way West are expected to remain, according to a news release from Sound Financial Bancorp, Sound Community Bank’s parent company.

Sound Community Bank has another location in the area, at 2941 S. 38th St. in Tacoma. Adding the University Place site expands the bank’s market footprint, said Laurie Stewart, president and CEO of Sound Community Bank in a Friday news release.

“We will take the necessary steps to ensure a smooth transition of service for these new customers while continuing our long-term commitment to providing exemplary service to all of the communities we serve,” Stewart said in the news release.

The transaction could close in the first quarter of 2017, following approval by regulators and satisfaction of customary closing conditions.

For more information, visit soundcb.com.

Kate Martin: 253-597-8542, @KateReports

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