Is Opus Bank Really No. 1 in Deposits When It Comes to Banks in Edmonds?

This week, Irvine, CA-based Opus Bank announced in a news release that it holds the highest deposit market share of any community bank in Edmonds, according to data available from the Federal Deposit Insurance Corporation as of June 30.

Technically speaking, Opus is indeed No. 1, as it considers itself a “community bank.” Its $56.8 million in deposits puts it just ahead of The Bank of Washington with its $55.8 million. But is Opus Bank, which in its news release this week referred to Edmonds as being in King County, really a community bank since it’s based in California?

Jeff Leonard, Opus Bank’s director of corporate communications, says yes. “We call ourselves a community bank by the way we interact in the community,” he said. “We give back and are active in the community.”

Opus Bank in Edmonds is on Fifth Avenue South and Walnut Street. In June, Opus completed the purchase of Everett-based Cascade Financial Corporation and its bank subsidiary, Cascade Bank, which had previously occupied the location of Fifth Avenue South.

When it comes the single bank with the most deposits in Edmonds, the winner is Washington Federal, whose Third and Main street location had $120 million in deposits as of June 30, ahead of Bank of America’s $115 million at its Main Street location. Washington Federal, however, has a savings and loan charter and considers itself a regional bank. Washington Federal, based in Seattle, has more than 100 branches in eight states.

Chase Bank has the most deposits in Edmonds overall, as it two branches—on Fifth Avenue South and Lake Ballinger Way—have deposits of $179 million.

Here is a list of Edmonds banking institutions and their deposits, in millions, as of June 30:

$120,348: Washington Federal

$115,164: Bank of America (Main Street)

  $93,901: Chase Bank (Fifth Ave. S)

  $85,547: Chase Bank (Lake Ballinger Way)

  $80,894: Wells Fargo

  $56,829: Opus Bank

  $55,861: The Bank of Washington

  $55,719: U.S. Bank

  $40,383: Union Bank

  $30,257: 1st Security Bank of Washington

  $24,821: Bank of America (Highway 99)

  $20,918: Banner Bank