Community 1st Bank buys KXLY building

COEUR d'ALENE — Community 1st Bank is expanding its presence in Kootenai County to downtown Coeur d'Alene.

The bank, locally owned and operated and headquartered in Post Falls, has purchased the KXLY building at Fifth and Sherman.

"It has always been about doing the right thing, and expanding to meet the needs of the downtown residents and businesses is just another example of that," said David Bobbitt, bank chairman and CEO. "Business decisions are made at the local level, and we are community-centric in our decisions, including this expansion."

Bobbitt said the bank plans to open a loan production office in the front section of the 6,000-square-foot KXLY building this summer, then a full-service bank will open in 2017.

"We want to build loans up and convert it to a branch when it makes economic sense," Bobbitt said.

The expansion will not affect the bank's branches in Post Falls and along U.S. 95 at Hanley Avenue in Coeur d'Alene.

"When Bank of America moved out of downtown, we thought that it would be nice for a community bank to fill that void," Bobbitt said.

Bobbitt said the KXLY Broadcast Group plans to lease a portion of the building at 504 Sherman from the bank for six months. A message seeking comment from KXLY about its facility plans in Kootenai County beyond that time frame was not returned on Tuesday before deadline.

Bobbitt said the bank expects to have an ATM at its new building within 60 days. The building was formerly occupied by First Interstate Bank and Wells Fargo prior to KXLY occupying it so there is already an ATM cove built.

Bobbitt said Community 1st likes the location because it offers ample parking and it will be able to operate a drive-through there.

Community 1st Bank opened in Post Falls nearly nine years ago and opened its Coeur d'Alene branch three years ago. The two locations employ a total of 21. Bobbitt said the new location will eventually employ about eight people.

"From inception, the vision of Community 1st Bank has been to both serve, and contribute to, the people and collective communities of Kootenai County," said Jerry Lyon, president and COO. "Over the last nearly nine years we have strived to make that vision a reality. Our opportunity to have a presence in the downtown corridor of Coeur d'Alene marketplace with our new loan production office is just one more step in making that vision a reality."

Senior Vice President Ron Ouren said Community 1st employees volunteered 2,160 hours in Kootenai County in 2015.

"It's all about relationships," he said.