Continental Savings Bank changing name

Continental Savings Bank is taking its business home, in name at least.

The 79-year-old Seattle-based savings and loan - the largest private, independently owned bank in the Northwest - will become HomeStreet Bank on May 15.

It's all part of the bank's plan to preserve its image as a hometown lender at a time when local megabanks such as Washington Mutual and the institution formerly known as Seafirst, now owned by Charlotte, N.C.-based Bank of America, are jockeying for big-league status.

Continental, formed in 1921 as a commercial real-estate lender, runs 31 branches in Washington, Oregon, Idaho and Hawaii.

"We really felt this was the time to make a change that really reflects what we're all about, what our heart and soul is," Continental President and Chief Executive Officer Richard Swanson said.

Image may not be everything, but it means more and more every day, he said.

The banking world has become flooded in recent years with new companies - many operating over the Internet - that cater to the rapidly growing demand for personal financial services.

The fact that Continental operates two kinds of branches, some full-service banks and others for mortgage lending, adds to the confusion, he said.

In keeping with the down-home theme, Continental is replacing its sleek, red logo with one featuring a picket fence against a moss-colored background.

As part of the bank's makeover, it will start offering small-business loans by the middle of the year.

Swanson has been named chairman and will keep the title of CEO.

Executive Vice President and Chief Operating Officer Bruce Williams will take over as president and remain COO. He will lead the effort to transform Continental into HomeStreet.