Venture Bank Direct is the newest offering in the family of business and personal banking services provided by Venture Bank.
Venture Bank began in 1979 as Lacey Bank in Lacey, WA. The name was quickly changed in 1981 to First Community Bank to better reach their target audience. A second branch was opened in 1983 along with a holding company, First Community Financial Group. Mortgage services and other investment services were later added.
Venture Bank currently has 18 locations in Western Washington State, with assets near $1.2 billion. Venture Bank Direct is the online banking arm, featuring the Wise-Choice high interest online savings account.
On Friday, September 11, 2009, Venture Bank, Lacey, WA was closed by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. First Citizens BancShares headquartered in Raleigh, North Carolina took over all deposits and most assets of Venture Bank. The FDIC estimates the cost to the Deposit Insurance Fund will be $298 million.
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