Peoples Bank Expands Commercial Maritime Lending for New Vessel Construction
November 16, 2017
New financing projects and ongoing commitment to the commercial maritime sector puts Peoples Bank on the forefront of $30 billion industry in Washington State.
Seattle, WA – November 16, 2017 –
Over the past many years, Peoples Bank has established itself as a leading provider of lending services for the North Pacific Fishing Fleet and the commercial and recreational boating industry on the West Coast. The Bank, which finances fishing vessels, recreational watercraft, fishing quota and fishing permits, and provides banking services for shipyards and equipment providers, continues to expand its portfolio with new customer relationships and financing projects. This year alone, the Ballard-based commercial maritime lending team has financed more than half a dozen new vessels, including a 70-foot high-speed catamaran that will be used for recreational whale watching tours across the Puget Sound, several new Bay Boats for the salmon fishery, and a new crab fishing vessel that will support Washington, Oregon, and California Dungeness fisheries and be homeported in Monterey Bay, California.
“Whereas other banks may come and go, Peoples Bank has demonstrated its long-term commitment to the commercial maritime industry,” said Curtis 'Arne' Arnesen
, Senior Vice President and Commercial Team Leader at the Peoples Bank Ballard Financial Center. “We are on the docks each and every day, and have deep knowledge of this industry and the financing needs of the community. It is an exciting time to be in this business and at the forefront of financing the next wave of growth for this important sector of our economy.”
According to a report
published last year by the Port of Seattle and Washington Maritime Federation, efforts to modernization the North Pacific fishing fleet will bring new jobs to the Puget Sound region and a potential boost of $1.3 billion in total economic activity over the next 10 years. The Washington Department of Commerce estimates
that the maritime sector is currently responsible for 146,000 jobs in the state and $30 billion in economic activity.
“With the anticipated growth of new vessel construction in the region, the availability of financing is critical for the success of our customers and the broader industry,” said Matt Mullett, President and CEO of All American Marine. “The Peoples Bank commercial maritime lending team has deep credibility and knowledge of this important sector. As a long-time customer, I appreciate their commitment to my industry.”
Presence at the Pacific Marine Expo, November 16-18, 2017
The Peoples Bank team will be on hand at the Pacific Marine Expo Booth #1221 to share their maritime lending expertise and discuss industry trends. Arnesen will also be part of an expert panel discussion, “Building Your Dream from Idea to Launch,” at 3:00pm on Thursday, Nov 17 2017. The panel will feature discussion on how to finance, insure and design a boat.
About Peoples Bank
Peoples Bank is a locally owned and operated, independent full-service community bank with over $1.6 billion in assets. Headquartered in Bellingham, Washington, the Bank was founded in 1921 and operates 25 branches located throughout Washington. In its most recent rating, Bauer Financial, a leading independent bank rating firm, awarded Peoples Bank its highest five-star superior rating. This rating recognizes Peoples Bank’s strong financial management practices, dedicated employees and long-standing customer relationships.