Savi Financial Corporation, Inc. announced updated timing to its formerly announced plan to form a new state-chartered commercial bank headquartered in Bellingham, Washington. The formation is pending regulatory approval and is anticipated to close during Spring of 2024. The transaction involves the formation of Orca Bank by applying for a de novo bank charter, with Savi Financial acquiring Orca Bank as a wholly owned subsidiary.

Additionally, Orca Bank will acquire SaviBank's Bellingham branch, located at 1910 Broadway, Bellingham, WA 98225. Formation, capitalization and acquisitions will occur simultaneously after issuance of the Orca Bank Charter upon approval by regulators and closing of the reorganization.