Under the pilot project approved by state, local and federal agencies, the private owners of the land will manage the wetland project and sell shares to developers who need to meet federal laws that require the replacement of destroyed wetlands.

The bank allows developers to buy "credits" in existing wetland restoration projects, instead of doing the specialized work on their own.

The land, just north of the King-Snohomish County line, is owned by Habitat Bank LLC, a development company that restores land so that other developers can purchase credits.

The company bought the former farm four years ago.

The state agency and the U.S. Army Corps of Engineers will manage the bank by determining how many acre-credits a qualifying project will have available and by allotting credits to developers.

The owner of each bank project will set prices for the credits. So far, 163.1 credits are available.

Several other sites in four counties around the state are working toward providing nearly 850 acres as wildlife banks.

A study released by the agency in 2002 found that poor placement and a lack of maintenance led to the failure of most projects intended to replace lost wetlands.

Jay Manning, Ecology's director, said wetland banking "provides a less costly, faster and more predictable process for people to follow in developing their property."

"It holds great promise as a way to improve our ability to protect wetlands, which are critically important to the environment in which we live," he said in a written statement announcing the program Monday.