Business

Silverdale State Bank purchased by AMB Financial

"Citing changes in banking technology and a hope for expanded services, the board of directors of Silverdale State Bank has agreed to sell the company to AMB Financial Services Corp. The 80-year-old community banking institution, the only bank based in Silverdale, will become part of AMB Financial Services Corp. as early as the end of the first quarter in 2000, said Silverdale State Bank President and CEO Bek Ashby. AMB Financial Services tendered the offer to purchase Silverdale State Bank and signed it on Dec. 14. AMB Financial Services also owns the American Marine Bank, based on Bainbridge Island.The boards of directors for both financial institutions approved the sale, and all that is left to do is get regulatory approval for the transaction and to put it before the shareholders.Ashby said Silverdale State Bank customers will not see much of a difference after the sale takes place. The name of the bank will stay the same and all of the staff will remain.In the long run, however, customers can expect to see more services that may have been out of reach for the small bank before.Ashby promised Silverdale State Bank will retain its local flavor through the acquisition. “We feel that our customers have the right to come in and talk to the people who are going to be making decisions regarding their loans. Community banks provides a commitment to the community on a personal level: we live in the community and have a commitment to the community as well as the people in it,” Ashby said.She is confident that AMB Financial Services Corp. is on the same page with her. “There is no doubt in my mind. They’ve been a community bank since 1948 and it is their intent also to remain a community bank. There is a certain size a bank can be and be a community bank, and once you exceed that size you lose the community flavor,” Ashby said.Silverdale State Bank is one of the oldest institutions in Silverdale. It was established in 1919 in the old building on Byron Street in Old Town Silverdale. Later, the Kitsap County Historical Society took over the old building but left the bank vault door in place."

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