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Hutton Building goes from foreclosure to future home for STCU

You can find on Spokesman.com the full version of the announcement by Spokane Teachers Credit Union it purchased the downtown Hutton Building.

Reporter Jon Brunt summarized the main points in that story (top six graphs below). Saturday's print and online editions will have the expanded version, which includes details on the bankruptcy that led to STCU's purchase.

Spokane Teachers Credit Union is turning a foreclosed property into one of its most prominent buildings.

The credit union announced this week it will move its commercial lending operations to the Hutton Building, which it owns as a result of a foreclosure last year.

The seven-story Hutton Building, 9 S. Washington St., is valued at $3.5 million by Spokane County. It was built in 1907.

Credit union President and CEO Tom Johnson said that the credit union was running out of space for its commercial lending department at its current leased space at the Schade Brewery building near the Riverpoint Campus.

Since it already owned the building and the credit union desired to keep commercial lending offices in downtown Spokane, the Hutton Building was an ideal choice to help it expand, Johnson said.

The credit union will use the top two floors of the Hutton Building as well as some space on the ground floor for a branch.