This page will be used to communicate with Coastal Freeland customers regarding details about the sale of the Freeland branch to SaviBank. If you would like to bookmark this page, the direct URL is www.coastalbank.com/freelandupdate.
March 29, 2021
As you know, effective May 1, 2021, your accounts with Coastal Community Bank (Coastal) that are held at the Freeland branch will be transferred to SaviBank. You will be able to continue to do business with SaviBank at the same location that you visited for Coastal at 1737 Main Street beginning on Monday, May 3, 2021.
This letter is to advise you of both the change in terms of your accounts and how we are working to minimize the impact to you during this transition. SaviBank will provide you with a Welcome Kit in the coming weeks that will have more details about their products and services, together with key information you will need.
Deposit Change in Terms - All of your accounts currently held at the Coastal Community Bank in Freeland will be transferred to SaviBank at end of business on April 30, 2021 and many of the terms will change. This will include the account type and terms that SaviBank has outlined in the enclosed product comparison chart, fee schedule, and terms and conditions. Bold items on the SaviBank Fee Schedule may result in a higher fee structure on your account.
While most of the SaviBank accounts offer comparable rates and fees, the Wise55 Checking does not offer a Safe Deposit Box discount or Certificate of Deposit Rate bump which are features of Coastal’s Senior Coastal Checking. This will impact you at the next lease or Certificate renewal term but will not change your fee and rate at this time.
Effective May 1, SaviBank’s products, rates, and fees will be in effect for checking, savings, and money market accounts. You will be paid interest through May 2 by Coastal at the current rate and a final paper account statement will be mailed to you by Coastal shortly after that date. You will not be charged a paper statement fee. If you do not want the paper statement mailed to your mailing address, please contact the Coastal branch by April 28. SaviBank will hold it for your pick-up.
Coastal will not be collecting any account monthly service fees on April 30 that would normally be charged when a statement is produced. Statements produced earlier in April will be subject to normal account service charges.
Certificates of Deposit will continue to earn interest at the same rate currently in effect on the account at Coastal until the scheduled maturity date. At maturity, the account will follow SaviBank’s terms and conditions regarding rate and renewals.
Safe Deposit Boxes will remain in the same branch location and will be subject to SaviBank fees and terms.
Account Access - Your Coastal debit card will be active through end of day April 30. SaviBank will provide you with a new card prior to this date. Please follow their instructions to activate and begin using this card on May 3, you will not have a debit card that is active on May 1 or 2. SaviBank may have different card use limits and will disclose those to you.
Please destroy any remaining Coastal checks. If you would like to have them securely shredded, you may bring them to the Freeland office of either bank and we will do that for you. Coastal checks that are presented for payment will be cleared through SaviBank for a period of time following the sale, however we recommend that you discontinue using them no later than April 30.
Coastal’s Online Banking (OLB), Bill Pay, and Mobile Banking access will be accessible through end of day on April 30. However, to be sure that all bills are paid you will need to submit them prior to this date with a payment date on or before April 30.
In order to ensure you have the records you will need to pay your bills after the transition, please take the following actions before April 30. We have included instructions for each of these recommended actions:
- Capture a listing of your existing billers/payees, including account numbers and mailing addresses, from CCB’s Bill Pay system. You will need to re-establish these same billers/payees in the SaviBank platform.
- Download or print out account statements. You have access to 18 months’ worth of statements in eStatements, please reach out to Coastal if additional records are needed at any point (a fee may apply)
- Make note of your scheduled bill payments, the last day they will process is April 30. Any bills due after that can be added into the SaviBank bill pay system (Any payment scheduled, but not yet processed as of the closing date will be cancelled)
- Autopayments – note any autopayments and when they are due to set up at SaviBank
- Note any biller statements that are electronically delivered (eBills) to OLB so you can e-establish at SaviBank
- Also note any payments that automatically pay when an eBill is received.
Direct Deposits that are currently being deposited into your Coastal bank account will be posted to your SaviBank account on their effective date, however you may not see the deposits available until later in the day. It will be important that you let your payroll or other direct deposit provider know the new deposit information that will be provided in the SaviBank Welcome Kit. Coastal will redirect any deposits to SaviBank until June 30, so it is important to make the changes with your provider as soon as you can.
Coastal’s ATM at 1737 Main Street in Freeland will no longer be available for transactions after April 27. Savi will install a new ATM shortly after that. If you need access to an ATM in the meantime, there are several MoneyPass ATMs nearby, including SaviBank’s Freeland ATM at 5575 Harbor Ave, Suite 100, and the Freeland US Bank. Both Coastal and SaviBank debit card customers will not be charged a fee for using any MoneyPass ATM.
FDIC Insurance -The sale of your accounts from Coastal to SaviBank could result in mutual customers not being fully FDIC insured depending upon balances. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. Should you have questions or believe this is the case, please contact SaviBank after the sale and they will work with you to find the best solution for you. You may also contact the Federal Deposit Insurance Corporation at 1-877-275-3342 and ask for a Deposit Insurance Specialist or visit the FDIC Electronic Deposit Insurance Estimator online at https://edie.fdic.gov/ to calculate the deposit insurance coverage for related accounts.
Individual Retirement Account (“IRA”) change in custodian notice: The sale of your IRA to SaviBank includes the transfer of related Custodial arrangements from Coastal to SaviBank.
If you have questions regarding anything in this letter, please feel free to contact the Freeland branch at 360.331.1344 before April 30.
For Immediate Release
Chief Financial Officer
Coastal Community Bank to sell Freeland branch to SaviBank.
EVERETT, Wash., Feb. 23, 2021 – Coastal Community Bank (Coastal) announced today that it plans to sell its Freeland branch to SaviBank.
The deal with the Mount Vernon-based SaviBank should close in early second quarter 2021 and includes Coastal’s 2900-square-foot office on Main Street in Freeland and about $24 million in deposits. SaviBank will move an existing Freeland branch from 5575 Harbor Avenue into the Main Street location after the sale closes.
“When we were presented with an offer from SaviBank, we had an obligation to our shareholders to consider and evaluate the long-term impact,” said Eric Sprink, President & CEO, Coastal Community Bank. “Many things were taken into consideration, including the impact to customers, and after a great deal of evaluation and discussion, it was decided that it is in the best interest of Coastal to sell the branch.”
As a potential buyer, SaviBank brings a positive outcome for clients. The bank has nine branches in Island, Skagit, and Whatcom Counties, giving Freeland customers more access to locations. This also makes the location easier for Savi to support with nearby staff for coverage.
“SaviBank is excited for this opportunity to work with Coastal Community Bank and its branch in Freeland,” said Andy Hunter, President and CEO, SaviBank. “This new branch is in a better location and will help us expand our footprint in Freeland and throughout Whidbey Island. Coastal has done an excellent job with its customers, and we plan to carry on that tradition as we combine our staffs to meet customers’ needs.”
About Coastal Community Bank
Coastal Community Bank was founded in Everett in 1997 and has 15 branches in Snohomish, Island, and North King County. Coastal is a true community bank offering a wide variety of deposit and credit products to meet the needs of businesses and consumers in the greater Puget Sound area. For more information about Coastal Community Bank, Member FDIC, visit www.coastalbank.com.