Bank of Everett and 3 others merge into the Bank of the Northwest in an effort to survive.
Four Washington state-based banks, including the Bank of Everett, will begin operation as one institution Monday.
Bank of Everett will consolidate itself into Bank of the Northwest, along with Bank of Bellevue, Bank of Tacoma and Issaquah Community Bank. The move is intended to alleviate pressure on the banks’ Michigan-based holding company, which was hit hard by federal regulators last year.
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In a continuation of the bank mergers and acquisitions, the Bank of Everett, the Bank of Bellevue and the Bank of Tacoma and the Issaquah Community Bank have all merged in under the Bank of the Northwest. What this means for consumers is still not clear. My main concern is for what this continuing consolidation of lending power means to the home loan market.
All we can really do is wait and see what effect the bank consolidations and raising of the Fed interest rates will have on consumer home loans.
Written by: Jacqueline Cliff
