Start-up business sites: Rosalia, Endicott B of W buildings sold by FDIC

New owners took over the last two Bank of Whitman buildings in Whitman County last week after purchasing the Endicott and Rosalia branches from the Federal Deposit Insurance Corporation.

Spokane-based Rosacott, LLC, purchased the former branch building in Endicott for $500 July 6 and bought the former Rosalia branch for $3,000 July 5, according to real estate affidavits on file in the county treasurer’s office.

Tom Power of Spokane said he and partner Robin Rohwer submitted bids on the buildings under a sealed bid sale conducted by the FDIC last spring.

Power said they wanted to preserve the buildings to provide low-cost space for start-up businesses in Endicott and Rosalia.

“If someone has a vision, hopefully we can help them contribute to their community,” he said. “We want to preserve the possibility of activity in these small downtowns.”

The branches became property of the FDIC last August, when the Bank of Whitman was closed down by state and federal regulators when a number of high-end development loans defaulted.

Columbia Bank took over eight of Bank of Whitman’s 20 branches from the FDIC, leaving the federal agency to liquidate the remaining properties.

A sub-agent, Houston-based Quantum Properties, listed the sealed bid sale last May. The Endicott and Rosalia branches were two of eight listed in an advertisement announcing the sale.

Power said they saw the ad and wanted to buy the Rosalia branch. They submitted a minimal bid on the Endicott building and that ended up being the purchase price.

Other branches sold for various other prices, according to information from the FDIC.

The LaCrosse building, now home to Sterling Bank, sold for $31,525. Warden’s branch went for a purchase price of $136,130.

Kelly Messinger of Rosalia said he sold the Rosalia building to the Bank of Whitman in 1994 for $34,000.

U.S. Bank closed its Rosalia branch last year. That, with the Bank of Whitman’s departure, left Bank of Fairfield as the lone financial institution in Rosalia.

Endicott was left without a bank by the Bank of Whitman’s closure.

The Endicott building has long been the town’s only financial institution, said Town Clerk Sue Bafus. It was originally the Bank of Endicott, before Rainier Bank moved in after a series of mergers. Bank of Whitman bought the building in 1985, after Rainier pulled out of Endicott.

Power said that seems to be the last time any sort of serious maintenance was done to the building.

Help in the rehabilitation efforts is one way Power said the Rosacott partnership hopes to help new companies hold down their building costs.

“They need work, that’s for sure,” he said. “But we’re willing to help out anybody that’s willing to bring some sweat equity to the table.”