WASHINGTON DFI WELCOMES PORTAGE BANK BY COMMERCIAL BANK CONVERSION



Portage Bank to offer community banking services through its main branch located in Bellevue, WA and its original branch located in Ceylon, MN. The Bellevue branch is currently a loan production office and is anticipated to be operational as a fully functional branch within six months.

OLYMPIA – The Washington State Department of Financial Institutions (DFI) welcomed Portage Bank to the Washington State Commercial Bank Charter by conversion from a Minnesota Commercial Bank effective June 1, 2022. The bank was previously regulated by the Minnesota Commerce Department.

Portage Bank was founded in 1901, originally named State Bank of Ceylon, and was headquartered in Ceylon, MN. In 2019, the bank was purchased by a small group of investors from Washington State with the intention to grow into new markets and deliver new technology to customers, all while continuing to provide banking services to the Ceylon community they have served for more than 100 years.

Roberta Hollinshead DFI Director of Banks said “DFI looks forward to working with the bank as they expand services to Washington residents, while continuing to promote safe and sound banking services to all of the communities it serves.”

“As the primary regulator over state chartered banks in Washington, DFI strives to charter financial institutions that want to support our local communities," DFI Director Charlie Clark commented. "We welcome Portage Bank to the Washington Charter.”