Summit Bank announced March 9 that it will open a new branch in downtown Redmond.

Craig Wanichek, president and CEO of Summit Bank, said in a release that the building, located at 538 SW Highland Ave., “is a significant addition to the company’s growing business banking market across the region.”

The building is in a high-traffic area, located across Highland from Jo-Ann Fabrics and near Fred Meyer grocery. Wanichek said that “will enable the company to better serve its clients in the Redmond community.” He noted there is plenty of parking, but will undergo renovation into a “modern, state-of-the-art yet timeless design fitting downtown Redmond.”

Wanichek noted that Redmond is increasing in importance in the region, “due to its prime location at the intersection of major highways, a growing airport, and a business-friendly environment.” He said Redmond’s diverse economy, skilled workforce, low cost of living and abundance of outdoor recreation opportunities make it “an attractive location for both businesses and colleagues seeking a high quality of life.”

“We are thrilled to announce the acquisition of this building in Redmond,” said Wanichek. “This is an important step in our growth strategy.”

The new bank is expected to open in the fall 2023, following a renovation and remodeling. An exact date for a grand opening has not yet been set.

Summit has banks across the region, including Eugene, throughout Central Oregon and in downtown Portland.