J une 1, 1994 • T he P ortland O bserver
P age A4
West One Bank Announces
Supermarket Banking
West One Bank, Idaho, an affili­ were 1,938 in-store bank branches in
ate o f West One Bancorp (NASDAQ: the U.S., up from 210 in 1985. West
WEST) and Albertson ’ s, Inc. (NYSE: One Bank is aggressively pursuing
ABS) today announced the signing of in-store banking because it provides
an agreement whereby West One Bank an efficient way to expand the bank’s
will open full-service bank branches presence while providing customers
in Albertson’s supermarkets begin­ increased convenience through more
ning June 22, with as many as five in­ locations and expanded hours, ac­
store bank branches opening over the cording to Nelson.
“In-store branch construction
next year. The West One Bank in­
store branches will be located exclu­ costs about one-fifth of building a
traditional bank branch,” Nelson said.
sively in Albertson’s stores.
“Placing branches in supermar­ “An in-store branch can be constructed
kets will make banking more conve­ in about 45 days. The reduced con­
nient for our customers,” said Dan struction time and cost allows us to
Nelson, West One Bancorp Chair­ recoup the return on investment much
man and CEO. “Our exclusive agree­ faster. An in-store branch begins pay­
ment with Albertson’s puts the larg­ ing for itself in about one or two years,
est bank in Idaho inside the largest a traditional branch takes five years.”
While branch construction costs
supermarket chain in Idaho. It’s a
are
reduced,
customer convenience
natural fit for two Idaho-based com ­
and
visits
increase,
according to
panies well-known for their commit­
Nelson.
Marketing
research
indicates
ment to customer service and quality
that
in-store
branches
benefit
from
products.”
increased
frequency
of
customer
vis­
“Albertson’s is pleased and ex­
its,
a
larger
volume
of
potential
cus­
cited to be able to offer another impor­
tant customer service in some of our tomers, and increased customer loy­
Idaho stores,” said David Connolly, alty. In addition, the in-store loca­
Albertson’s Vice President and Trea­ tions give West One broader expo­
surer. “We are constantly looking for sure to the community, he says.
“In-store locations expose West
ways to enhance our c ustomers ’ shop­
One
to a much larger number of po­
ping experience and we believe this
tential
customers,” Nelson continued.
agreement with West One allows us
“In-store
branches draw customer
to offer a convenience that wi 11 appeal
from
a
one
to two mile radius. On
to many o f them.”
average,
15,000
people will walk by
The first in-store branch will open
an
in-store
location
per week. The
in Boise, at the Overland and Five
Mile Location, on June 22,1994. The increased traffic has positive implica­
second opening is slated for Decem­ tions for product awareness, commu­
ber at Albertson’s Cherry Plaza store nity outreach efforts and sales in gen­
in Meridian. West One Bank plans to eral.”
A recent survey of bank custom­
open up to five new in-store branches
during 1994 and four per year for the ers reveals that the public, particu­
larly in the 26 to 45-year-old age
next five years.
category,
generally favors expanded
In-store banking is expanding
banking
hours.
The study revealed
rapidly. At the end of 1993, there
that the most preferred times for bank­
ing are on weekdays, between 4:00
p.m. and 8:00 p.m., and on weekends.
West One’s in store branches
will have extended hours of business,
open Monday through Friday from
10:00 a.m. to 8:00 p.m. and Saturday
9:00a.m. to 5:00p.m. In addition, the
in-store branches will provide a wide
range of financial services, including
consumer loans, checking, savings,
certificates of deposit, IRAs, safe de­
posit boxes and investment products.
The in-store branches generally
will be located at the front of the
stores, near the checkout stands. They
will be approximately 400 square feet
in size, with four teller stations, a
private office for detailed financial
transactions, a full-service ATM and
a 24-hour customer service telephone.
Albertson’s, Inc. is the fourth
largest operator of retail food and
drug stores in the United States. The
Boise, Idaho-based Company cur­
rently operates 678 retail stores in 19
Western, Midwestern and Southern
states and employs over75,000 people.
W est One Bank, Idaho is a
wholly-owned subsidiary of West One
Bancorp, a diversified financial ser­
vices company with $7.8 billion in
assets and 4,900 employees, operat­
ing from more than 200 banking
McMurphy's
Appliance Center
J.L. Lawn Service
offices serving 123 communities in
Idaho, W ashington, Oregon and
Utah.
Meyer Trust
Helps Home
Ownerships
The trustees of the Meyer Memo­
rial Trust have awarded a $37,600
staff expansion grant to HOST Devel­
opment, Inc., the Home Ownership a
Street at a Time program.
The grant will allow HOST to
continue creating affordable home
ownership for low to moderate in­
come families in Portland.
“W e’re thrilled,” said Howard
Nolte, HOST executive director.
The Meyer trust was established
in 1978 through the will of retail store
proprietor Fred G. Meyer. With cur­
rent assets of more than $300 million,
the trust is the largest foundation in
the Northwest. The trust itself is not
affiliated with Fred Meyer, Inc.
“We have been impressed with
HOST’S productivity and we believe
this grant will help them increase
their output to a significantly higher
level,” said Charles S. Rooks, Meyer
trust executive director.
Phone (503) 288-4906
Pager 940-7721
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