Bank plans to occupy Wild Duck.

Byline: Joe Mosley The Register-Guard

The former home of Spank Dog Pale Ale apparently is the future home of Fannie Mae, Freddie Mac and a whole bunch of greenbacks.

Eugene-based Century Bank - which opened just 15 months ago - already has outgrown its current building at 1201 Oak St., and has negotiated a lease on space at the vacant Wild Duck brewery at 169 W. Sixth Ave.

The bank still must receive regulatory approval from the Federal Deposit Insurance Corporation to move its headquarters, but tentatively plans to take over 6,700 square feet of the 11,761-square-foot Wild Duck building before the end of this year.

"We're very excited about the possibilities," Century President and CEO Tom Widmer said. "We just want to make sure we don't get ahead of our process."

The bank currently leases just less than 3,000 square feet of space at its Oak Street location.

Eugene real estate investor Rod Kempf purchased the Sixth Avenue building for $1.26 million on March 18 from Eugene restaurateur Bob Jensen and his partner in the failed brew pub venture, former University of Oregon and professional football quarterback Chris Miller, according to Lane County property records.

Kempf said he is seeking more tenants for the building.

"There is going to be some additional office space for lease," he said.

Kempf and the bank are expected to share the cost of remodeling the building. The former owners removed all of the brewing equipment before the building was sold.

"It's going to be almost totally refurbished," Kempf said.

Widmer, the Century Bank president, cited the increased floor space as well as greater visibility as selling factors for the new location. The bank will include a drive-up window - an application already has been filed with the Eugene Planning Division - as well as an automated teller machine and on-site parking.

Widmer and two former colleagues at Centennial Bank, Mike Nysingh and Collin Alspach, spearheaded the effort to open Century bank in April 2004. Nysingh serves as the bank's senior vice president and chief financial officer, and Alspach is senior vice president and chief lending officer.

Another former Centennial executive, Melinda Tippets, joined Century Bank last year as senior vice president for human resources.

The group recruited prominent local business people to serve on its board of directors and opened after raising $10 million in investments. Serving on the bank's board are Marty Smith, chief executive of Bi-Mart Corp.; Richard Re, general manager of Seneca Sawmill Co.; Mike Curtis, president of Curtis Restaurant Equipment; Jeff Lynn, manager of Evergreen Development Corp.; and Lee Merwin, a retired certified public accountant.

The fledgling bank finished its fifth quarter of operation on June 30, with total assets of $35.7 million. Deposits totaled $26.7 million, an increase of $19 million over the same quarter in 2004; loans totaled $22 million, up by $17.2 million from a year earlier.

Century reported an operating loss of $66,594 for the most recent three-month period. That puts the bank on track to reach profitability during the current quarter, which is ahead of original projections.

Widmer said the bank's management team hopes to continue expanding the operation as business warrants it.

"It's hard to say when, but we do anticipate having additional branches," he said.