A New Community Banking Model
Thurston First Bank opened in Olympia in November 2004 and was designed to provide businesses and professionals with resources and knowledge of banking solutions that did not previously exist in the Thurston County market. Its initial 17-member board of directors was a who’s who of high-profile South Sound business and political leaders.
(not pictured: Ken Anderson, Vaughn Marston, Joe Pellicer, M.D.)
The bank was designed around the concept of being the premier community business bank in Thurston County. It was founded on the belief that direct, face-to-face relationships were the bedrock of its business. The founding philosophy was that only by knowing its clients and their business styles could it tailor banking solutions that deliver the greatest value.
Drawn by the proposed bank’s lean business model, prestigious Board and innovative services, 370 South Sound investors contributed at a record pace to provide the bank with its $11 million initial capitalization in less than two months.
Headed by attorney and Chairman of the Board, Stephen Bean, the fundraising effort was conducted strictly by invitation and word-of-mouth within the South Sound region, with no contributions solicited or accepted from “institutional investors.” Added Bean, “The community reaction to the bank’s forming was humbling and staggering.”
The extraordinary interest and funding generated from within the community allowed Thurston First Bank to launch with a full spectrum of innovative services and unrivaled lending power for an independent community bank.
Today, conversations with business owners and professionals we serve are about financial solutions rather than being product-driven. We are partners with our clients. We’re not only their advisors, we're their friends. We know them and they know us. We work together to develop creative solutions that make the most of our clients’ time and money and help them not only succeed, but thrive.
Currently, Thurston First Bank employs 18 employees, many of them highly skilled. As of December 31, 2013, the bank reached $112 million in assets, $69 million in loans and $90 million in deposits. Most importantly, it has earned an excellent reputation for integrity, personalized service, technology-based solutions, and a highly valued base of exceptional business clients and partners.