In today’s economy I’m proud to share with you a success story…….a story that proves all bank’s shouldn’t be painted with the same media paint brush.
Nearly three decades ago a small group of local businessmen came together with the desire to create a community bank, one where decisions would be made locally, service would be personal, and faces would be familiar. With this in mind, The Bank of the Pacific was formed.
Today, The Bank employs over 215 employees, has over $530 million in assets with nineteen branch locations, servicing Western Washington communities. The Bank also has a mortgage operation covering all markets.
Because we are independently owned and locally operated, the money you deposit with our Bank is reinvested in the communities we serve. Being a local bank means that our customers get loans approved quickly by local bankers and have their needs met without delay.
We remain committed to delivering valuable banking products and services with the highest level of quality and professionalism. The hometown banking tradition, of which our stockholders and employees can be proud, remains the hallmark of our success.
2008 The Bank of the Pacific was the recipient of the Daily World’s Peoples Choice Awards in the following categories: “Best Bank”, “Best Place To Get A Loan” and “Best Customer Services”.
Like all banks in today’s market The Bank is maneuvering our way through the economic challenges. Our commitment to our customers and shareholders is unwavering. We remain diligent in monitoring risk, liquidity, and strengthening our financial performance. We are in a strong capital position and have not applied for or received TARP (Troubled Assets Relief Program) funding. TARP is a program of the US Government to purchase assets and equity of financial institutions in order to strengthen the financial institution.
We are just learning what the newest stimulus package is looking like. It is huge by comparison to others we have seen, but it will be necessary for the economy to get the badly needed jump start toward recovery.
So what can we expect interest rates to do in the coming months? It is obvious that overnight interest rates cannot go any lower and, in fact, will likely stay right where they are for the next six months. Many even believe they will stay put throughout 2009. If you are investing in certificates of deposit, the present yield curve suggests the best plays are 18 to 30 month maturities, as shorter terms will likely reprice at lower rates when they mature.
Great Points!
Questions:
1) With the strength of a bank largely to do with assets on hand (well capitalized) meaning actual cash by depositors, Why have we heard the media saying to the general public, that they should be spending more instead of saving more?
2) Being a small community bank are you at risk of being bought up by the larger national size banks that received TARP money making them even bigger and more likely to be “To Big to be allowed to Fail” ?
3) If the collapse of the market was do to risky loans, why is the banking industry looking at making even more loans?