Historic Farmers Exchange finally sells for $2.1 million at foreclosure auction
AI-generated summary reviewed by our newsroom.
- Banner Bank claimed Farmers Exchange with minimum $2.1M bid at foreclosure.
- Historic Kennewick property drew interest but no competing auction offers emerged.
- Future of 100-year-old site remains uncertain as potential buyers weigh options.
The former home of Farmers Exchange was sold at a foreclosure auction outside the justice center in Kennewick on Friday.
A small crowd gathered outside the Benton County Justice Center to learn the fate of the complex that once housed the beloved 100-year-old business.
Banner Bank, the Walla Walla lender that foreclosed on the buildings after the owners defaulted on a loan, was the only bidder on the property.
Banner bid just over $2.1 million for the property. When the sale closes, it will take full ownership of the red-and-white checked buildings clustered around North Benton and West Canal.
Banner Bank officials told the Herald the property will be put on the market.
Going once, going twice
The auction was originally scheduled for May 9 but was delayed to May 23.
Mark Almquist of Pronto Process Service conducted the proceedings, which were witnessed by 10 people.
Stephanie Button, executive director of the Historic Downtown Kennewick Partnership, served as an official witness.
Button has worked to find a buyer for the key site, even touring groups between the original auction and the one held this week. She is optimistic there is a bright future ahead.
“It has lots of potential and lots of space,” she said.
The auction itself was anticlimactic.
Almquist gave a legal description, announcing that Banner — officially the “beneficiary” of the auction — had submitted the minimum bid, then invited bidders to speak up. No one did.
“Going once. Going twice. Going three times,” he said, then closed auction.
Heart of downtown
Cedro Rodriguez, a Tri-Cities business owner, attended on behalf of Vibe Music Center, a nonprofit performing arts group that’s contemplating buying its own building after leasing space for its lessons and performances.
The group wasn’t ready to bid, but Rodriguez said Farmers Exchange could be an ideal location for them.
The price reflects the balance of the loan that Banner issued to Christopher Ingersoll when he bought Farmers Exchange from his uncle in 2021.
Ingersoll was the fourth generation of the Silliman family to own and operate Farmers Exchange. He closed the business in 2024 citing economic factor.
Banner foreclosed when the loan went into default. In an April legal notice, it said it would take nearly $364,000 to bring the account current. It said the outstanding balance stood at nearly $2.2 million.
Lawn mowers, Xmas trees
For more than 100 years, Farmers Exchange was the go-to destination for Tri-Citians who needed animal feed, farm supplies and later suburban homeowners searching for garden gear, lawnmowers and Christmas trees.
The oldest building in the Farmers Exchange complex, at 215 W. Canal Drive, was built in 1912 and was recently added to the state and federal historic registers.
It has been identified with Farmers Exchange since Alfred Amon and Carl Williams established the business in 1924.
The partners sold it to the original Silliman, Emerald, in 1939.