Thomas S. Giovanelli
President/Northwest Region
Capitol Bancorp
(206) 381-1900

Robert Ittes
President/CEO
(425) 395-1190
Contact:

For Immediate Release

Issaquah Community Bank Opens for Business

ISSAQUAH, Wash. - (July 16, 2007) - Robert Ittes, the president/CEO of Issaquah Community Bank, is pleased to announce that his new bank opened its doors for business today. The community bank is capitalized at $8.2 million.

"I know this community is ready for and needs a local community bank," said Ittes, a 30-year banker whose entire career has been spent in the Puget Sound area, including the last 14 years in Issaquah. "This community needs a bank with local investors, a board of directors comprised of local business leaders, and a local, veteran banking team making loan and product decisions right here in Issaquah. The capital-raising took just over two weeks to complete, which confirms my belief in support of a new community bank."

Issaquah Community Bank specializes in relationship banking with a wide array of products and services designed to meet the needs of small and mid-sized businesses, real estate investors and individuals.

In addition to Ittes, the bank's board of directors includes the following local business leaders:

  • Brett Backues, principal, Backues & Co.
  • Bill Baker, president, Bake's Marine Center
  • Chuck Burget, president, Pacific Plants Inc.
  • Carl Cangie, president, Concept Engineering Inc.
  • Thomas S. Giovanelli, president, Northwest Region, Capitol Bancorp Ltd.
  • Carolyn Pierce-Dyer, owner, Refined Design Interiors
  • Brett Smith, owner, Mt. Si Mobile Home Park
  • Rosemary Warren, DDS, dentist

Ittes and his team members have more than 165 years of combined banking experience. Joining Ittes are the following local bankers with their titles and years in banking:

  • Carmen Malsbury, chief credit officer, 27 years
  • Phil Milne, commercial loan officer, 30 years
  • Naomi Kennamer, operations manager, 23 years
  • Kari Palmer, operations supervisor, 18 years
  • Julie Greenwood, personal banker, 16 years
  • Sarah Palmer, personal banker, two years
  • Linda Collins, loan processor, 13 years
  • Darcie Rogers, loan processor, seven years

Ittes was the founder in 1993 of Issaquah Bank that was sold 11 years later.

Issaquah Community Bank is located at 1375 NW Mall St., Suite 1, in Issaquah. The phone number is (425) 395-1199.