Regulators Approve Bank Move To Idaho

Regulators have approved a move by Newport-based Pend Oreille Bank into Idaho, and Chairman Evelyn Meany said the institution plans to open a Ponderay branch by next fall.

Operations at the Newport, Wash., office will not be affected, she said.

The bank is the second to transfer its charter across the state line since Idaho and Washington legislators and regulators approved measures earlier this year that allow such moves by state-chartered institutions.

The changes put state banks on a par with national banks in the race for more customers. Inland Northwest Bank in October received permission to move its charter to Post Falls, and Bank of Latah has a pending request that would relocate its titular headquarters to St. Maries.

Meany said Pend Oreille Bank will build near the intersection of Highway 95 and Triangle Drive. The Bonner Mall, Alpine Motors and Kmart are already nearby, she said, with a Wal-Mart planned.

She said about six new employees, including a manager, will he hired for the branch. Four of the bank’s board members are Idaho residents.

, DataTimes