Editor’s note: This article has been updated to add new information.
Idaho is getting a new bank.
Alpine State Bank is owned by the same parent company as Bank of Jackson Hole, based in Jackson, Wyoming, and Vast Bank, based in Tulsa, Oklahoma. It is expected to open its first branch in Boise in the Hoff Building, at 802 W. Bannock St, by February after tenant improvements are completed. The bank had published legal notices in October that it intended to apply to the Federal Reserve Board for permission to open the branch, and has now received those permissions.
“The family that owns the Bank of Jackson Hole and Vast Bank had the desire to expand,” said Mark Houston, president and CEO of Alpine State Bank. “Idaho, and certainly the Boise market, is very strong. They saw it as a real opportunity to serve small to medium businesses and consumers in this market.” In particular, the bank is interested in working with entrepreneurs, as well as middle-market and larger business clients, he said.
Houston served as senior vice president and regional private banking manager for Wells Fargo Private Bank for the five-state Greater Mountain Region and as senior vice president and regional manager of Idaho commercial banking for Bank of the West, as well as serving stints with Idaho Bank & Trust, US Bank, First Interstate Bank and Sterling Savings Bank.
“They have chosen really well with their new leadership,” said Trent Wright, president and CEO of the Idaho Bankers Association. “It will be interesting to see what they’re able to do when they get their doors open. They’re really excited to be going here.”
Bank musical chairs
According to public records, Alpine State Bank is leasing 6,273 square feet of space in the Hoff Building. Until recently, that space was occupied by Mountain West Bank. Mountain West Bank has moved out of the space to the previous First Security Bank space at 9th and Idaho, which had been occupied by First Interstate Bank, which in turn is moving to the Pioneer Crossing location at Myrtle and 13th.
Originally, the bank had been looking for a temporary location while it found a permanent one, but when that didn’t work out, the focus changed to finding a permanent location, said JP Green, an agent with Thornton Oliver Keller, who worked with the bank on securing the Hoff Building location. When the Hoff Building location became available, the bank decided to make that its first permanent location in Idaho, he said.
Houston was one of three people who brought US Bank to Idaho in 1992, which had its headquarters located in the same space, he said. “It’s interesting that my career has come full circle,” he said.
Tenant improvements in progress include modernizing the main branch floor, In addition, the bank is taking space on the third floor for its private banking group, and on the 11th floor for the commercial banking office and support functions, Houston said. He couldn’t reveal the cost of the improvements but said they were “significant.”
“They were somewhat dated and hadn’t been improved internally in some time,” Houston said. “We’re dedicating a lot of capital to make it look right.” Among other factors, the bank wants to look more modern to attract a wider age demographic, he said.
In addition, the bank expects to soon close on the purchase of the former Mountain West bank branch on Fairview, across the street from CarMax, Houston said. He was not able to reveal the price. “It will allow us to continue to serve that part of the city,” he said. The bank is also looking at other locations, he said.
The bank is advertising to fill five positions: universal teller, senior universal teller, personal banker, senior personal banker and mortgage loan officer. “Just within the next six months, we’ll have close to 20 people by the time this is built out to the first level,” Houston said.