PORT TOWNSEND — Locally owned MarinerBank announced Monday it is merging with Kitsap Bank after just 3½ years in business.
During a news conference in The Bishop Hotel in downtown Port Townsend, Jim Carmichael, president and chief executive officer of Kitsap Bank, and Jim Grabicki, his counterpart at MarinerBank, said the deal was struck last week after months of negotiations.
Kitsap Bank’s Port Orchard-based parent company, Olympic Bancorp Inc., is purchasing MarinerBank for $16.2 million.
“The combo of MarinerBank and Kitsap Bank is a great fit,” Grabicki said.
“This affiliation will enable us to provide opportunities and better serve our local customers. This will continue to be a community-based bank.”
MarinerBank shareholders
Under the terms of the merger agreement, MarinerBank’s 387 shareholders will receive $32.09 per share in cash.
“This will be a very positive event for our shareholders,” Grabicki said.
He said without the merger, MarinerBank would not be able to provide services such as increased lending limits, a team of Small Business Association lenders, cash management and online banking services for businesses and consumers, online loan applications and residential mortgage services.
MarinerBank was established in 2002 by a Port Townsend founders group that said the town needed a locally owned community bank that more carefully focused on the needs of Jefferson County residents and small businesses.
Since then, the bank has grown to $52 million in assets, with branches in Port Townsend at 2313 E. Sims Way and Port Hadlock at 902 Nesses Corner Road.
MarinerBank also has a loan office in downtown Port Townsend at 211 Taylor St.
Kitsap Bank branches
Kitsap Bank’s only current branch in Jefferson County is in Port Ludlow at 102 Village Way.
It also has branches in Sequim at 990 E. Washington St., and Port Angeles at 716 E. Front St.
Kitsap also operates an automatic-teller machine at the Port Angeles Wal-Mart store.