SEASIDE Monday marks the fifth year since Clatsop Community Bank opened its doors in Seaside. It remains the most recent Oregon-based bank to be chartered in the state.
Founders of Clatsop Community Bank began raising capital for the proposed bank in 2007, just before the start of the recession. The bank opened in 2008 and has grown every year since, consistently logging the highest rate of growth among all banks in the Clatsop County market. Today, the bank holds $57 million in deposits, $64 million in assets and employs 16 people.
Im encouraged by our ability to grow even during very adverse economic conditions, said President and CEO Steve Ferber. It leaves me very optimistic about our future as the economy recovers.
A recent study of community banks that were chartered before 2001, published by the Federal Reserve Bank of St. Louis, suggests that the economic recession provided a real-world stress test of the community banking business model.
While Clatsop Community Bank, chartered in 2007, is too new to have been included in the study, it demonstrates similar characteristics as those older community banks that endured the financial crisis.
With consistent management and continued adherence to our business model, we look forward to what the next five years will bring, said Executive Vice-president Joe Schulte.
Both branches of Clatsop Community Bank will serve refreshments in the lobby on Monday in celebration of the banks fifth anniversary.
Clatsop Community Bank is the only bank locally owned in Clatsop County, with offices in Astoria and Seaside. The bank was recently named among Oregons 100 Best Companies to Work For by Oregon Business magazine for the fourth consecutive year.