Columbia Bank To Leave 11th and MLK
I realize that we’re all a bit sensitive about bank news these days. This doesn’t seem to be related to any of that. It seems, to us, more like a retail location decision. With that said …
The word on the street (since confirmed) is that Columbia Bank will be closing their 11th and MLK branch in January. When the branch opened in October 2001, it was noted as a significant step in the revitalization of Hilltop and MLK. The neighborhood has changed a lot since then, but we never like to see a location go vacant.
Anybody looking for a turn-key bank location?
Filed under: General
11 comments
E Eric October 13, 2008
Sounds like the Planning Commission needs to get off their butts and get some density coming to our neighborhoods. If they keep delaying things Shakabra,Herban, and now Columbia Bank won’t be the only ones closing. Sure times are tough but holding communities hostage for a few naysayers that won’t even be around doesn’t help move our community forward.
O onbroadway October 13, 2008
Dang, that’s my cash machine on the way to the Tempest.
T Thorax O'Tool October 13, 2008
I don’t want to sound like “Fate trumps Free Will”, but some things we just can’t avoid.
The Banks (in general) wrote their own death warrant. There isn’t much we can do about it, other than switching away from National banks and doing business with the local ones (Rainier Pacific, Bank of Tacoma, BECU, TAPCO, etc).
Considering our economy is almost entirely based on consumer spending, of course a cut in spending will put some businesses out. As much as I hate to see a local company die, companies don’t help the situation much with higher prices and job cuts… which in turn reduce business. It’s a vicious cycle.
…and it happens every time the nation slips into a recession. Banks and businesses failed in 2001. They failed in 1992. They failed in 1987. They failed in 1977. They failed in 1929. They failed in 1908 and 1899.
In situations like these, do what you can to help the local guy, shun the national and big box retailers…. if you can. When it comes down to it, keeping your kids fed and a roof over your head wins.
V Vidiot October 13, 2008
Looks like a job for the Business Triage group!
E Erik B. October 13, 2008
Sounds like the Planning Commission needs…get some density coming to our neighborhoods
Yep. Hilltop needs a ton more people if it is ever going to be able to sustain more businesses there. They look to have a vacancy rate of at least 40 percent.
There is even a question of whether the anemic Safeway is going to be able to stay open.
The neighbors on Hilltop have done a great job in reducing crime but with all of the vacant lots storefronts, they are never going to gain much economic stability and long term success without some redevelopment there. Nature abhors a vacuum.
S Steven October 13, 2008
Columbia bank is a regional bank. My organization dose a fair amount of business with them. To the best of my knowledge, based on a review of their financial statements and my conversations with contact there, they did not get mixed up in the investments that have hurt others. They seem in very good shape.
Steven
A altered chords October 13, 2008
Due to the downturn in the economy, the subprime mortgage crisis, the difficulty in assigning accurate valuation to credit default swaps and the upcoming presidential election – the Business Triage group has suspended activies until further notice.
M Michelle Douglas October 14, 2008
We too, share in the sadness of Columbia Bank leaving the Hilltop.Not only are we losing one of the only banks on the hill, we are losing their great staff, the opportunity to interact with our neighbors and an actual occupied storefront.
It is getting very difficult to stay in business in Hilltop. We have eagerly awaited the MLKHDA, and the Brown Star Grill development for more than 3 years. At this point vacancy rates are through the roof.
Tempest Lounge opened in this neighborhood because we saw so much potential, now we face the real possibility of being the next business casualty on the list. Please, come out and support your small business owners we are barely making it.
Tempest Lounge- Denise and Michelle
M michael g. October 15, 2008
@8: Yikes. The Tempest is one of my favorite places not only in Tacoma, but in the state. I hope people respond to Michelle’s message and get over there.
N Nick October 15, 2008
@Thorax O’Tool
Don’t forget Columbia Bank is also a local bank for us, it’s HQ is right downtown.
It’s disappointing to see one from our home team scaling back, but I imagine this has more to do with the health of the barren MLK retail market than it does with the bank.
T Thorax O'Tool October 17, 2008
You’re right, I did forget to mention Columbia on my local roster.
Yeah, that was a brain fart on my part. My bad,
But hey, close your BofA and soon-to-be-JPMorganChase accounts and join up with any local baking institution… including Columbia!
—————————————————————-
I am not a psychic nor a financial wizard nor a banker.
Yet here is the situation as I see it:
When this Financial Katrina finally blows over, we’ll only have 2 kinds of banks left.
1) The Uber-ginormous conglomerates like JPMorganWaMuChase, Bank of CountrywideAmerica, Wells Wachovia and whoever buys up the struggling CitiGroup… the banks that are so big that they can weather the storm (or their CEOs are friends with Bernake or Paulson).
2) Small local ones across the nation. The banks (and credit unions) that are too small to have ever gotten themselves into the credit fiasco.
Who would you rather do business with? I’ll pick the home team, thanks.
—————————————————————-
The medium to large banks made themselves a noose with all the rope they could leverage.