Mountain West cuts the ribbon

WALLACE — It was a day of celebration, but the thoughts aren’t just on the here and now – Mountain West Bank is excited about the future.

Last year, when customers were informed that the only bank in Wallace was about to be shut down, a void was created in the community that left people feeling unsure.

Where do you keep your money outside your home?

Where do you go to look for a loan?

For the first time in more than 130 years, these questions could not be answered by an institution inside the city limits of the Shoshone County seat.

But in February, Mountain West Bank answered the call.

In that news release on Feb. 8, president and CEO Scott Anderson said it's difficult to imagine a better win-win scenario.

"It offers Mountain West Bank an opportunity to expand our community footprint to serve the banking needs of businesses and citizens of Wallace and the surrounding communities of the Silver Valley," he said. "It also ensures Wallace has a bank in town."

They would need a location, but Anderson seemed to know which one he had in mind.

The historic First National Bank building on the corner of Bank and Sixth Street had sat empty for years since its former occupant had departed — this landmark has made for the perfect location for Wallace’s new financial institution.

In 2016, a group led by major shareholder Harry Magnuson's son, John Magnuson, acquired the building with the goal of maintaining its historical integrity and ultimately reopening the same for its intended use as a bank.

The branch officially opened on June 13, with much of the early focus being on serving the Wallace community — many of whom admittedly said that they felt abandoned by the previous group.

The first major acquisition for Mountain West, came in the form of branch manager Gina Doerschel, who had been working at another bank locally before taking the leap with Mountain West.

Last week, with a contingent of Wallace community members at their side, Doerschel and Anderson cut the ceremonial ribbon at the bank and very publicly announced their arrival to the Silver Valley.

"I'm thrilled Mountain West Bank made the decision to invest in Wallace," Doerschel said. "It means a great deal to our community, and I'm honored to be a part of helping ensure Wallace remains a vibrant place to live and work."

Now that they have firmly established their roots within the Wallace community, they can begin to market themselves as more than just a bank in Wallace, but as an asset to the entire Silver Valley.

"Local banks are essential to the health of communities," Anderson said. "We look forward to fulling the banking needs of the amazing people, businesses, and nonprofit organizations in this wonderful community and the greater Silver Valley region."

Mountain West Bank was founded in Coeur d'Alene, in 1993, and offers a complete array of personal and commercial financial services.

In addition to its Coeur d'Alene headquarters, Mountain West Bank operates 22 branches, financial service centers, and lending centers throughout Idaho and Eastern Washington. It is a division of Montana-based Glacier Bank, a wholly-owned subsidiary of Glacier Bancorp Inc.

For more information on the services they provide, call Mountain West Bank at 208-556-6700.