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September 22, 1997

Business

Canterbury pays off loans

  by Andrew Walgamott
   WOODINVILLE--Canterbury Square is free and clear of the bank now with the repayment of $7.687 million in loans from Seafirst Bank. The loans were paid off by the Canterbury Criers Association in August, several years ahead of schedule.
  
   "We owe a great deal of thanks to Seafirst, members of the community, and churches who've given assistance to us morally and financially," George Scrimshaw, Canterbury president said
   The group took out five-year loans in December, 1995 to buy the downtown horizontal condominium development from the DeYoung family. Early payoff was a result of selling lots inside Canterbury to existing and new residents, according to Scrimshaw.
  
   In a letter to Canterbury from David Hardesty, Seafirst Vice President of Community Development, Real Estate Group, Hardesty writes, "Congratulations to the entire (Canterbury) Board of Directors for a wonderful accomplishment ... and a great example of the power of your conviction, determination and tenacity, not to mention necessity."