Cashmere Valley Bank was established on September 24, 1932 by Hy W. Rieke and H.H. Rieke, who had moved to Cashmere after selling their interest in a bank in Odessa, Washington. Cashmere was chosen as the site to begin the new bank because the community was without a financial institution after the failure of two banks at the beginning of the Great Depression. The brothers, along with two employees and $30 thousand in capital began serving customers in the upper Wenatchee Valley.