ILWACO - ShoreBank Pacific, an FDIC-insured bank committed to developing stronger communities in the Pacific Northwest by supporting sustainable businesses, last week announced another successful quarter.
ShoreBank Pacific, which says it is the only Pacific Northwest bank to focus on both economic and environmental health of communities, saw its assets grow by 10 percent, with a 23 percent overall increase in the last year, as of September 30, 2004. Similarly, net loans increased by 15 percent in the third quarter and 53 percent since 2003. This growth was supported by a 29 percent annual increase in deposits. In addition, the last year has seen ShoreBank Pacific add $2 million in equity to support its growth. After tax-year-to-date earnings improved by 95 percent over last year is to $125,000 and by 127 percent compared to the third quarter of 2003.
In the recent quarter, 32 percent of ShoreBank Pacific's loans were to industry changers. These companies take a different approach in moving their industries toward the mission of stronger local communities and healthier environments. As ShoreBank Pacific continues to support the green building sector, the bank provided three loans to architects and developers who acknowledge sustainability as the key to the future and are applying green principles to their construction projects.
"With each quarter, ShoreBank Pacific experiences record growth, and we are pleased to see that green building is becoming the standard in Portland, rather than a distinguishing feature," said David Williams, president and CEO of ShoreBank Pacific. "Where other financial institutions see risk, we see the potential for stronger communities and healthier environments."
Amongst the new customer base, the bank financed Greenfield Health Clinic which is taking a fresh approach to health care. Greenfield utilizes communication technologies to improve the timeliness and accuracy of well care. By focusing on helping people take responsibility for their own health and wellness and by a different utilization of health care professionals, they are reducing the overall cost of health care. Greenfield is looking at ways to spread this program nationally.
ShoreBank Pacific is an FDIC-insured bank leading the financial world in sustainable banking. It was founded in 1997 as a joint venture between ShoreBank Corp., Chicago and Ecotrust.