Sister businesses plan move to Grandridge Boulevard after renovating offices
Community First Bank will mark 20 years in business this year by moving its headquarters to a new building.
The locally-owned bank, which opened in 1997, will be moving its administration team as well as its sister company, HFG Trust, to 8131 W. Grandridge Blvd. in Kennewick.
Community First Bank paid $2.8 million to buy the building, previously owned by a group of individual investors, and expects to make up to $500,000 in renovations, said Eric Pearson, the bank’s CEO and president.
“We looked long and hard and considered constructing and it came down to the size of investment we are willing to make on a building. … We wanted a statement location and liked the idea of building, but quickly realized it was not the best stewardship of our shareholders’ money,” Pearson said.
Being centrally located was a key factor, too, said Pearson, who’s served as CEO since 2009.
The Grandridge Boulevard location fit the bill and is the closest to what Pearson calls the Tri-Cities’ financial district.
“The bank has grown tremendously. The economic downturn was for good for us. We’re still in business,” Pearson said. But after the crisis, the banking world got more competitive, he said.
That got Community First Bank thinking about augmenting its services with revenue from non-interest sources, Pearson said.
“We felt we needed to provide a new service, and investment services was one thing we knew we’d always like to do,” he said.