Sandpoint Bank headquarters for sale? (Ponderay, Kootenai: fit in, foreclosure, loan)

[Sanddawgg]

According to Spokane Business Journal, IMCB (Panhandle State Bank) has put their new headquarters up for sale today, almost a year to the date from their grand opening. No mention of this in the Daily Bee... no doubt, they aren't looking forward to the locals reaction to this latest news...

[IdahoGrown]

I'm curious how the locals will react? Whats the back story?

[mistyriver]

My husband was the construction manager for the IMCB headquarters and it had a serious offer to buy before it was even finished but the bank decided against selling at that time. I'm not surprised that it's for sale now.

[Sanddawgg]

when the building was originally in the planning stages, many thought the size and location was wrong at 90,000 square feet. It's size dwarfs the surrounding buildings, and many felt that it changed the small town feel of the downtown. Harolds supermarket, a movie theater and laundrymat were razed to make room. Parking has been an issue, since not enough was provided in the initial planning. Subsequently they bought the lot across the street where Babs, and Krickets were located, put them out of business, with plans for more parking in the space. They finally reached a compromise with the city recently. I personally think that many who were initially in favor of the banks plans felt they could at least trust the banks stewardship of the building going forward, after all, they are a local bank, with a lot of hometown pride and involvement. At this point, I don't know that much of the goodwill is left...

[mistyriver]

I think a building of that size would have been better built in Ponderay or Kootenai...like the ColdWater Creek headquarters.

[Sandpointian]

Hmmm...maybe someone can turn into into a cluster of entrepreneurs...

[pimit2]

I bank with Panhandle State and also question the new building. What were they thinking? It's looks like a prison....completely out of place with the surrounding structures, lacking parking and accessability. Worse, the banking area itself is way too big, with way too many tellers, loan officers, etc. for the customer activity. I've never been in there with more than 3 other customers. The tellers are competing with each other coaxing customers to their window!


pimit2 (Bob)

[mistyriver]

On top of this, if you read the stock filings of the company, they announced that they are unable to pay a $23Million note to Pacific Bankers Bank. The borrowed this $23 Million to build their taj mahal headquarters and now they can't pay it back. Sounds like foreclosure to me.

[Sandpointian]

Originally Posted by pimit2

I bank with Panhandle State and also question the new building. What were they thinking? It's looks like a prison....completely out of place with the surrounding structures, lacking parking and accessability. Worse, the banking area itself is way too big, with way too many tellers, loan officers, etc. for the customer activity. I've never been in there with more than 3 other customers. The tellers are competing with each other coaxing customers to their window!
pimit2 (Bob)

Yeah...on the parking, I just don;t understand how parking was not made to be self-contained. Downtown spots are so few to begin with!
It was designed and build with the most optimistic of expectations. I hope they survive...despite the lack of appeal with the building.

[Sanddawgg]

Wow, Misty, I missed the info on them not being able to pay on their loan... hmmm.. I went the bike swap on Saturday, which they held on the opposite side of the building from the bank, and that part is still unfinished.. that's got to be a huge financial drain, having all that unoccupied space. I think it would make a great building for North Idaho College, or any other college, for that manner, not sure what else would fit in there, if it is foreclosed upon.. hopefully it won't come to that. The last thing we need in town is a vacant building that size!