Venture Bank ends in a whimper

November 2nd, 2013 by Ken

The final end has come for Venture Bank.

Early last month, Venture Financial Group Inc., the holding company for Venture Bank, filed for Chapter 7 bankruptcy in Federal Court in Tacoma.

In doing so, the company claimed liabilities of $10 million to $100 million and assets of $1 million to $10 million.  According to Ken Parsons, board member of Venture Financial Group Inc.,  the assets were closer to $1 million.

This is the final stake in the heart of Venture Bank.   As Lacey Bank, then First Community Bank, then Venture Bank, the bank served the needs of the Lacey Community starting in  1979.   It was closed by federal regulators in 2009 as significant losses in federal housing securities mounted up.

“The bankruptcy filing didn’t come as any surprise,” Parsons said.  “It’s the normal winding down of the holding company.

“Everything is now in the hands of the bankruptcy court.”

As to it’s assets, “there’s nothing there,” Parsons said.

Posted in Business, History, The Real News

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