STCU Unveils Plans for Spokane’s Storied Hutton Building
February 12, 2013
Feb. 12, 2013
Spokane Teachers Credit Union (STCU) on Friday announced plans to expand into the historic Hutton Building in downtown Spokane, Wash., opening a new branch location and commercial lending offices in a building with 100-year-old ties to the community.
Selkirk Trading, the Hutton Building’s previous owner, filed for Chapter 11 bankruptcy last year, leading STCU, which had held the loan on the building, to subsequently foreclose on the property. Rather than put it on the open market, STCU’s board of directors voted in January to turn the Hutton Building into a downtown anchor for the growing credit union. The credit union plans to open a branch on the main floor before the end of the year and will use additional office space to house its commercial lending staff.
“We intend to continue growing our commercial lending program,” said STCU President and CEO Tom Johnson, “and it’s logical for us to have a presence where those activities occur.”
The Hutton Building was added to the National Register of Historic Places in 1983, and Johnson said the project “gives STCU an opportunity to reclaim an architectural treasure.” Much of the rest of the building, which is currently 40 percent occupied, will be made available as office space following a historic renovation of the facility.
“This is an investment in our community,” Johnson said. “It’s a partnership with all who are investing downtown, the great buildings that have been restored. This is another one. This building has been neglected a little bit in the past decade, so we plan to make investments there to make this a flagship location for us and downtown Spokane.”
The Hutton Building is named for Levi and May Hutton, who opened the building’s first four floors in 1907 and added three more in 1910. The Huttons, who became millionaires when the Hercules Mine struck silver in 1901, lived in a fourth-floor apartment where they hosted lavish parties with such notable guests as presidential candidate and future Secretary of State William Jennings Bryan.
Levi Hutton, who had been an orphan, later constructed Hutton Settlement, which still operates in the Spokane Valley, providing a home for children in need of long-term care.
“It’s appropriate that the name Hutton, which is so closely associated with helping Spokane children, is now linked with STCU, an organization founded by Spokane teachers and dedicated to education and public service,” Johnson said.
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