Published August 2002

First Heritage expects ‘best year yet’ for SBA loans

SCBJ Staff

There are some soft spots in Snohomish County’s economy, but Small Business Administration loans at First Heritage Bank isn’t one of them.

“We’re on track for our best year yet,” said Walter McLaughlin, senior vice president and head of the bank’s SBA lending department. “We already have $5 million in loans approved and funded year-to-date, with another $4 million in the pipeline, and it’s only July.”

McLaughlin said the SBA loans have produced more than $300,000 in fee income for the bank through June 30, more than double last year’s $147,000 level for the same period. With 2001’s fee income finishing at $500,000, the bank anticipates beating that near-record level if SBA loan activity continues at its present pace, with McLaughlin anticipating a year-end level of around $700,000.

First Heritage Bank normally ranks among the top 10 SBA lenders in the state each year, according to the Seattle SBA office. In 2001, the bank ended the year in seventh place.

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