ILWACO, Wash. - ShoreBank Pacific, an FDIC-insured bank committed to sustainable industries and environmental sensitivity in the Pacific Northwest, has announced record second-quarter results.
ShoreBank Pacific saw its gross loans grow to $36.9 million in second quarter 2004, an increase of 41 percent over the same period last year. This amount does not include an additional $14 million in loans originated and managed by the bank on behalf of other financial institutions.
Quarterly earnings increased 85 percent over the prior year's second quarter to $23,000. In addition, a recently completed FDIC examination of ShoreBank Pacific's Community Reinvestment Act performance gave the bank an "outstanding" rating - one of only four banks in the Pacific Northwest to achieve this honor.
"Second quarter was an extremely significant period for ShoreBank Pacific, as we saw record growth, top honors from the FDIC, and strong response to the launch of our first consumer credit card, proving that businesses are acknowledging sustainability as the key to their future," said Dave Williams, president and CEO. "This quarter was a great example of how loans we provide are supporting companies committed to urban and rural development as well as social and environmental causes."
ShoreBank Pacific capped a busy second quarter with the introduction of its first consumer credit card, the Salmon Nation VISA card, in April. The affinity credit card supports the Salmon Nation initiative of Portland-based Ecotrust. Salmon Nation aims to raise awareness of issues and behavioral choices that contribute to enhancing the health of regional watersheds and the economies of the people who live in them.
In addition, ShoreBank Pacific continued its support of companies dedicated to increasing the livability and economic viability of the region. In the second quarter, the bank provided funding to Wildcatch, a value-added salmon processor that develops specialty salmon products.
The bank also provided funding to K-Lyn Fisheries, a seafood wholesaler that purchases fresh fish directly from coastal fishermen and resells it to wholesalers and restaurants. The company is committed to paying the fishermen a fair price and is a strong supporter of Ecotrust's Salmon Nation campaign.
Founded in 1997 as a joint venture between ShoreBank Corp., Chicago, and Ecotrust, ShoreBank Pacific invests in people and businesses in the Pacific Northwest to create strong companies, a healthy environment and vibrant communities. It is headquartered in Ilwaco, with additional lending offices in Portland and Olympia, Wash. For more information, log on to (www.shorebankpacific.com)