Published December 2004

Peoples Bank enters market with Lynnwood office

By Kimberly Hilden
SCBJ Assistant Editor

Capitalizing on Washington Mutual’s recent decision to close dozens of its commercial banking locations in 14 states, Peoples Bank has entered the Snohomish County market with a Lynnwood office staffed by two former WaMu business bankers.

In October, the Lynden-based commercial bank opened a business banking office at 19020 33rd Ave. W., Suite 215, headed by Vice Presidents Lynn Eerkes and Joseph Vasen, both previously senior staff with WaMu’s business banking group in Everett, said George Bowen, executive vice president of Peoples.

“We always expand when we find the right people,” Bowen said. “... We build the bank around them, because we really believe that this continues to be a people business. The value and strength our people is really the capital in which we expand our business.”

Along with Eerkes and Vasen, Peoples hired five others formerly with WaMu, including Bill Irving, Alice Takehara and Connie Cox, who joined the bank’s Skagit/Island business banking group in Mount Vernon and Matt Abtahi and Thomas Essig, who joined the King County business banking group in Kirkland.

“We have known and appreciated the skill and experience of these bankers for a long time,” Bowen said. “Next to our customers, our people are the reason the bank is successful — and these are great individuals dedicated to serving the bank, our customers and the local communities.”

With its Lynnwood office — which is expected to expand into a full retail office by the end of the year — Peoples now operates more than 20 retail offices in seven counties, including Douglas and Chelan counties in Eastern Washington and Island, King, Skagit, Whatcom and Snohomish counties in Western Washington.

The 83-year-old bank holds almost $600 million in assets and finds itself more and more often competing with the bigger, national banks for middle-market business banking customers, Bowen said, noting that commercial lending comprises 85 percent of Peoples’ loan portfolio.

“In the past 25 years, we’ve become a very strong commercial business bank. We have a very strong residential lending mortgage department that dovetails very nicely with our 24 retail offices, but from the standpoint of lending, most of our lending is going to be focused toward business lending,” said Bowen, also Peoples’ chief lending officer.

To stay competitive, Peoples relies on three points of operation: institutional stability, relationship banking and the implementation of new technologies, he said.

“This is a family-owned bank and has been a family-owned bank since 1921, so there is a very small likelihood that we would ever be merged or acquired,” Bowen said, adding that local ownership enables the bank to respond more quickly to the needs of its customers.

As for technology, the bank makes it a point to stay current on developments that enhance the banking experience, such as Peoples’ Business Manager, which allows users to access real-time account information, transfer funds between accounts, request wire transfers and export financial data to accounting or spreadsheet software while online.

“Technology in banking has leveled the playing field,” Bowen said. “Online banking and e-mail has really been remarkable in helping banks stay in touch with customers and handle the flow of financial data.”

For more information on Peoples Bank, go online to www.peoplesbank-wa.com.

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