Olympia-based Heritage Bank has purchased an east Vancouver site for its second local branch office from Vancouver developer Kirkwood Properties Too LLC.
The bank paid nearly $670,400 for a 25,000-square-foot retail pad on the northeast corner of Southeast 164th Avenue and 18th Street, just north of Gustav's restaurant. A relative newcomer to the area, Heritage Bank entered Clark County when it acquired Bay Bank and its lone Vancouver branch in 2010.
In September, Heritage Bank selected downtown Vancouver as its Portland metro-area headquarters and bank leaders outlined plans to continue purchasing banks in Portland and Clark County.
With an asset base of roughly $1.4 billion, Heritage Bank's assets are almost double the size of the only remaining Clark County-based bank, Riverview Community Bank, and nearly double that of the former First Independent Bank, which was purchased by Spokane-based Sterling Bank this year.