4 Reasons Why Bankers are So Bullish in Snohomish County - Herald Business Journal
November 17, 2016
The economic roller coaster of the past decade often provided more dips than highs. Recent years demonstrate positive momentum upward at both the national and regional levels.
“We’re not declaring ‘mission accomplished,’ but we’re now in a good position. Like most other community and national banks, we’re enjoying an economic rebound,” says Eric Sprink, president and CEO of Everett’s Coastal Community Bank.
Around 2008, 14 community banks were based in Snohomish County. There are now six following the acquisition this year of Prime Pacific Bank by Bend, Oregon,-based Bank of the Cascades.
“It’s been a relatively slow recovery, but we’ve seen improvement year over year, which has accelerated the past two years,” says Bryan McDonald, Heritage Bank’s executive vice president and chief lending officer. Heritage’s metro markets, including Snohomish County, have experienced impressive growth. Commercial lending activity increased 30 percent and mortgages 40 percent in the first half of 2016 compared to the same period in 2015, he said.
Other institutions are actively expanding their footprint in the county. Peoples Bank opened an Edmonds branch in July. The bank’s new Everett flagship location celebrated its opening Sept. 15.
“What we like about Snohomish County is the ability to build longstanding relationships,” says Tony Repanich, Peoples Bank’s executive vice president and chief retail banking and marketing officer. “We’re very bullish about the long-term prospects in Snohomish County and look forward to continuing being part of the community.” Read more.