WALLACE, Idaho — Mountain West Bank is celebrating the grand opening of its new Wallace branch on Tuesday after the town's only bank closed on January for the first time in more than 130 years.
The Mountain West Bank will be opened at the historic first national bank of Wallace building at 419 6th St. in Wallace, Idaho. It will offer business and personal deposit accounts, consumer loans, home loans, business loans and other business banking services
The grand opening will take place on Tuesday, Oct. 4 at 1 p.m. with a ribbon cutting ceremony and an open house. During the opening ceremony, people would enjoy from free cookies, coffee and water.
The community of Wallace was left without a bank in Jan. 27, 2022 after US Bank, the only branch in that town, closed. The new bank will benefit the community and the bank extension.
"It offers Mountain West Bank an opportunity to expand our community footprint to serve the banking needs of businesses and citizens of Wallace and the surrounding communities of the Silver Valley. It also ensures Wallace has a bank in town," Scott Anderson, Mountain West Bank president and CEO said in a written statement.
The building, which is in the Wallace Historic District, was constructed in 1916 to house the First National Bank of Wallace, which later expanded as the First National Bank of North Idaho.
Harry Magnuson, a major shareholder and lifelong Wallace resident, helped to secure designation of the building and the surrounding area on the National Register of Historic Places and to the restoration of the building in the late 1980s.
Those efforts earned Preservation Idaho's Orchid Award for historic preservation in 1989. A group led by Magnuson's son, John Magnuson, acquired the building in 2016 with the goal of maintaining its historical integrity and reopening the structure for its intended use as a bank.
Mountain West Bank was founded in Coeur d'Alene, Idaho in 1993. In addition to its Coeur d'Alene headquarters, Mountain West Bank operates 22 branches, financial service centers, and lending centers throughout Idaho and eastern Washington.
Mountain West Bank is a division of Montana-based Glacier Bank, a wholly owned subsidiary of Glacier Bancorp Inc. (NYSE: GBCI).
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