New Bank Plans February Opening

Organizers of a new bank expect to open their first branch next February in a new building just west of the Pines Rd. and Mission Ave. intersection.

New Century Bank will occupy 5,400 square feet in the two-story structure, which will have 6,400 square feet on each of two floors.

Ground breaking on the New Century Bank Center is scheduled for Thursday.

The bank will be a subsidiary of a holding company, New Century Bank Corporation.

Chairman Robert McKean said stock in the corporation will be available to the public in about 10 days. The shares will sell for $8, with a minimum subscription of 625 shares.

Stock worth a minimum $5 million must be sold to capitalize the bank, with a potential maximum of $6.25 million in shares available.

The offering is open only to Washington residents.

McKean said buyers for about half the shares have already been identified.

New Century will have a Washington state charter.

McKean said the bank will have about 10 employees.

, DataTimes