Boise, ID (May 1, 2019) – Northwest Bank today announced the promotion of three executives, reflecting the Bank’s continued growth and optimism in the Idaho and Eastern Washington markets, and intention to expand into new markets.
Scott Gibson, currently Market President for Idaho, is promoted to Regional President, inclusive of the bank’s new South Idaho Division (focused on the Treasure, Magic and Wood River Valleys and other southern surrounding areas), a new Inland Northwest Division (focused on Spokane and Coeur d’Alene), the Bank’s SBA Division (inclusive of Idaho, Oregon and Washington), and Salt Lake City.
Buck Marshall, currently SBA Market President, is promoted to Market President of both the bank wide SBA Division and the new Inland Northwest Division (inclusive of commercial and CRE lending, deposit and treasury management services).
Kyle Bellnap, currently SVP & Treasury Management Officer in the bank’s Idaho Division, is promoted to Market President, Salt Lake City, in anticipation of the bank opening a loan production office at a future date.
“Scott, Buck and Kyle each exemplify leadership within our organization,” said Jamie Shulman, President and Chief Executive Officer. “They advocate for our clients’ success, champion their teams, run their business with rigor and achieve great results. We are invested in the success of this region, and have the right leadership to support the business community.”
On April 17th, Western Capital Corporation (WCC), the bank holding company which owns Northwest Bank, announced a record setting 2018, during which the company achieved $11.2 million in net income, a growth rate of 228% year over year. 1WCC earnings continued to increase in the first quarter of 2019, with net income of $3.0 million, a growth of 25% over the same period in 2018. WCC also announced a dividend of $0.12 per share, a 33% increase over 2018, and plans to repurchase up to 300,000 shares of stock over the next 12 months.
“Having been part of banking in Boise for many years, I’m proud to lead an organization that is so focused on supporting this region’s economy and community, and which does so with a strong commitment our client’s individual success,” Gibson said. “The results of the bank reflect that commitment, and our continued investment demonstrates an optimism for the region’s future.”
Northwest Bank was chartered in Boise in 2008 on the idea that experienced bankers delivering more customized financial solutions to business clients who wanted strong banking relationships would set the bank apart in the market. The bank first expanded into Coeur d’Alene and Spokane in 2017.
Northwest Bank has consistently earned Five-Star ratings from BauerFinancial, an independent rating organization.
Contact: Mark Thomas at 206-621-8715 or email@example.com
1 WCC next revenue in 2018 was $4.9 million after a $2 million additional tax expense related to the change in Federal tax rates.
This communication contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy and other factors. Western Capital Corporation undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.