Venture bank head confident

March 30th, 2009 by Ken

Ken Parsons, chairman of Venture Financial said today he is confident that they can find the investors necessary to meet the requirements of federal regulators. “I’m more confident now than I have been in some time,” Parsons said.  “I feel like the credit market is starting to open up.”

In February, the Federal Deposit Insurance Corporation told Venture Bank that it needed to raise more money or find a merger partner.  Last year the company lost more than $26 million with the failure of Freddie Mac and Fannie Mae.

Venture Bank is the largest community bank in Thurston County with the largest market share.  It’s headquartered in Dupont and has 18 branches in King, Pierce, Thurston and Lewis counties.

When the word was released that Venture was in trouble, it received the support of Thurston First Bank and South Sound Bank.  The executives of both said they hope Venture can find the capital.

Parsons said he was surprised and pleased with the support he’s received.   “We have a large number of good community banks in this area,” he said.  “It’s time for us to get that message out.”

Posted in Business, Informational, The Real News

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