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Capitol Hill’s financial core, Broadway adds a new bank, sees others upgrade

The temporary home of Broadway’s Bank of America at Broadway and Roy won’t be leaving the banking business.

CHS has learned that 1st Security Bank of Washington has signed a lease to take over the location in January. The regional bank plans a major remodel before opening for business in the second quarter of 2013.

“It’s a long term lease. We’re not talking about just two years,” 1st Security CEO Joe Adams told CHS. “Frankly, we feel blessed to have found this location.” 


Adams said his bank, with headquarters in Mountlake Terrace and six branches around Puget Sound, had been looking at opportunities to re-enter the Seattle market. The company used to have a Belltown location but shut it down as part of a belt tightening during the recession.

“We always knew we wanted to have a presence in Seattle when things pick back up,” said Adams. “Gosh, what better community in Seattle than Capitol Hill…It’s diverse. It’s vibrant. There are a lot of businesses there and it’s centrally located.” 

Bank of America moved to 612 Broadway East in 2011, using the space as a temporary location while its former home on Broadway at E Thomas was being turned into the Lyric Apartments. Now that its new, 6,000 square-foot space is ready, Bank of America is moving back. More neighbors will follow.

Adams said the 1st Security Bank branch will not look anything like its predecessor. In fact, he said the goal is to make it un-Bank of America like and more in line with a “Capitol Hill vibe”. Expect to see lots of exposed brick and metal beams. That should fit in nicely with coming-soon neighbor, Linda Derschang’s Bait Shop.

The new Broadway B of A: Under Construction (Image: Doug McLaughlin)

The new B of A at The Lyric (Image: Doug McLaughlin)

But the change is hoped to go beyond aesthetics. Adams acknowledged banking products are “pretty generic” so in order to stand out, 1st Security aims to be a “community bank” and build the same kind of relationships it has forged in the region since 1936.

“We want to support the community,” he said. “We don’t want to give it lip service. We want to be very involved, whether it’s sponsorships or participating in discussions on where rail ought to go.”

Adams said it begins with hiring the “right manager who is really committed to the community.” That and other positions for the Capitol Hill branch will soon be posted on the bank’s website.

The new 1st Security team will have its work cut out for them. The neighbors down the street include Chase, BECU, U.S. Bank, Umpqua Bank and Bank of America. There’s a burgeoning food, drink and entertainment economy to support and serve. It’s a competitive space with players continuing to up their games. While 1st Security will just be getting started on its changes,  Umpqua opened in late 2010 debuting a “cafe” banking concept, B of A is about to unveil its new space and BECU’s move, expansion and upgrades inside of the Broadway Market are also now complete. There’s also financial services activity beyond Broadway, of course. Banner Bank has opened its new branch in the Citizen building at 13th and Madison.