Heritage Bank’s downtown Olympia campus is selling for $5,350,000. Heritage, a subsidiary of Heritage Financial Corporation, executed the Purchase and Sales Agreement (PSA) with Lou Development LLC to sell the buildings.
The PSA includes a +/- 14,000-square-foot leaseback agreement that keeps the bank’s corporate headquarters in its current location at 201 5th Ave. SW. The PSA also includes the entire second floor of the building for business operations. The main branch will remain fully active to serve customers during the remodel.
“It has been several years since the last remodel and we’re excited to make this investment,” president and CEO Jeff Deuel said in a release. “This is our downtown Olympia headquarters. It should be a showcase for Heritage.”
Modeled after the recently updated “Branch of the Future” location in Tacoma, the branch will remove common barriers to customer service and integrate new software and technology like digital merchandising, interactive kiosks, drive-up banking solutions, and more — changes that seek to improve the branch experience for both customers and employees. The goal is to continue to “boost” the in-person customer experience all while driving the bank toward becoming the leading commercial community bank in the Pacific Northwest.
Heritage Bank has maintained a dynamic history with the capital city since 1927. The decision to sell the buildings that make up the Heritage campus will not impact its dedication to the Olympia community. There are no plans to alter any of the other Olympia-area branches located in West Olympia, Lacy, and Tumwater.
In the release, Deuel said the decision to sell the buildings will “open up opportunities for more investment, building, and renovation in and around the downtown area.”