Valley, Lake County Bank agree to merge
Megan Strickland
Lake County Bank has agreed to merge with Valley Bank.
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LAKE COUNTY — Two local community-owned banks plan to merge this year in an effort to offer better services for their customers.
Valley Bank of Ronan and Lake County Bank of St. Ignatius have agreed to terms of a merger and the deal is currently under review of federal regulators.
The decision will allow both banks’ customers to have more financial options, Valley Bank President Jamie Buhr, and Lake County Bank President Fred Gariepy said.
“With this economy the way it is right now, things have been tough on the small banks,” Gariepy said. “I think it was a good fit for my customers. They can be served a little better, with higher lending limits.”
Lake County Bank is Gariepy’s family legacy. His grandfather and other St. Ignatius businessmen founded the institution in 1945 in a building off Blaine Street where the Gambles Storage Yard currently lies. The grandfather eventually bought out the shareholders and moved the bank’s current location in 1960. The bank underwent additions in 1971, 1980 and 2001. Gariepy has been president for the past 30 of the 36 years he worked at the bank.
“I really want to thank my customers for 70 years of service and loyalty to us,” Gariepy said. “I hope they will stick around and stay with us.”
Gariepy is not sure if he will stay on after the merger, though he said he believes it is a bit early for him to retire. He believes the merger will allow his customers greater options, while still experiencing a commitment to hometown values.
“Community banks are a lot more personable,” Gariepy said. “You are a name and a face, not a number. That’s what we’ve tried to promote: friendly customer service and knowing our customers.”
Al Buhr, founder of Valley Bank, got his feet wet in the banking industry by first working for Lake County Bank. He then chartered Valley Bank in 1984.
“The Gariepy family has been a tremendous asset to that community,” President Jamie Buhr said. “We only hope to continue the legacy they started. We, my family included, truly owe them a debt of gratitude.”
Jamie Buhr said his father’s years spent learning the banking business in St. Ignatius meant that he and his family built ties to the community that still exist today. The Buhr family currently owns the Valley Banks branch within Rod’s Harvest Foods in Ronan.
“It’s exciting for my family because we have those strong family ties there already, and we can strengthen them again,” Jamie Buhr said.
Buhr said longer hours and Saturday service are an additional benefit customers will receive.
The merger is expected to go forward in April, if regulators approve it.
