WALLACE, Idaho — Mountain West Bank announced Tuesday that a new branch is coming to Wallace, Idaho. The new branch will be located in the historic First National Bank of Wallace building.
The Wallace branch is set to open in May 2022, according to Mountain West Bank President and CEO Scott Anderson.
"It's difficult to imagine a better win-win scenario," Anderson said in a statement. "It offers Mountain West Bank an opportunity to expand our community footprint to serve the banking needs of businesses and citizens of Wallace and the surrounding communities of the Silver Valley. It also ensures Wallace will have a bank in town."
The new branch will hire a branch manager in the coming week, according to Anderson. tellers, personal bankers and an assistant manager will be hired in early March 2022.
Mountain West Bank's new Wallace branch will offer business and personal deposit accounts, consumer loans, home loans, business loans and other services.
The US Bank Branch located in Wallace closed on Jan. 27, 2022, which left the community without a bank for the first time in more than 130 years.
Mountain West's new branch is set to be located in the Wallace Historic District's bank building, located at 419 Sixth Street. The building was originally built in 1916 to house the First National Bank of Wallace, which later turned into the First National Bank of North Idaho.
Wallace resident and shareholder Harry Magnuson helped secure the designation of the building on the National Register of Historic Places. He also led the restoration of the building in the 1980s.
"We're delighted to be moving into historic downtown Wallace and open for business in that beautiful building," Anderson said in a statement.
Harry Magnuson's son, John, and a group of people acquired the building in order to maintain its historical integrity in 2016. The group's plan was to use the building as a bank, as originally intended.
"We are pleased to welcome Mountain West to Wallace as a community member and supporter as we collectively write the future chapters of Wallace's illustrious history," John Magnuson said in a statement.