Meet our Downtown Tacoma Commercial Lending Team

From left: Alec Zarelli, Darriel Menefee, Brett Willis, Heath McLellan, Carol Smith, Chuck Folsom, Jace Dwinell, Erik Freeberg. Not pictured: Gary Gahan, Carmen Goers.

HERITAGE’S DOWNTOWN TACOMA COMMERCIAL LENDING TEAM BRINGS DEEP EXPERIENCE TO MULTIPLE INDUSTRIES

Article by John Stearns

Chuck Folsom would like prospective commercial borrowers to know that Heritage Bank is ready to go beyond the transactional details of interest rate and loan terms.

“If they are looking for a bank to establish a relationship with, where they can say they know their banker and want to feel like they have somebody who’s trying to add value,” the bank is ready to help, said Folsom, senior vice president and commercial banking regional manager.

Folsom oversees commercial bankers in Heritage’s central region and works out of the bank’s downtown Tacoma office at 909 A Street, where the group relocated last fall from an older building nearby on Pacific Avenue.

Folsom has worked in banking since 1985, the last 11 years with Heritage, and he has a team of similarly experienced colleagues eager to assist borrowers. His crew includes teams in Puyallup and Kent-Auburn.

They includeHeath McLellan, senior vice president team leader; Jace Dwinell, vice president commercial banking officer; Gary Gahan, senior vice president commercial banking officer; Carmen Goers, vice president commercial banking officer; Erik Freeberg, assistant vice president commercial banking officer; Darriel Menefee, vice president commercial banking officer; Carol Smith, senior vice president commercial banking officer; Brett Willis, senior vice president commercial banking officer; and Alec Zarelli, vice president commercial banking officer.

“The experience and depth of knowledge that our team has, I don’t know if I’ve ever been fortunate to work with a team that has this much experience, connections, knowledge,” said Folsom, who grew up in Steilacoom, Washington, and has lived in and worked mostly in south King and Pierce Counties, the latter his home the last 16 years.

In addition to their lending roles, the bankers are active in their communities. Folsom is a longtime member of the Green River College Foundation board of directors. Other bankers’ roles include serving on the Pierce College board of trustees, helping with Pull For A Soldier (an event of the Permission to Start Dreaming Foundation to help veterans, first responders and their family members), assisting the First Tee organization that teaches children life skills through golf and serving at rotary clubs. The bank also has a strong relationship with local nonprofit housing providers.

The commercial bankers have forged relationships and expertise with borrowers in myriad industries. “We work on the whole gamut of commercial, industrial, small business loans, medium business loans, owner-occupied real estate,” Folsom said.

With owner-occupied real estate, for example, business owners often want to own the real estate occupied by their business, for which Heritage can arrange lending.

The bank actively lends in business sectors that include medical/dental, multifamily, aerospace manufacturing, restaurants and social services. Loan uses include acquiring property, buildings, businesses, equipment and more. Heritage also offers lines of credit, or guidance lines, for uses like vehicle purchases or supporting inventory and accounts receivable.

The Tacoma office’s lending mix reflects the broader bank’s commercial lending as a whole.

In the first quarter of 2022, Heritage’s systemwide loan portfolio by dollar value comprised: 39.4% non-owneroccupied commercial real estate, 24.5% owner-occupied commercial real estate, 17.1% commercial and industrial and 5.8% construction and land development. The balance included residential real estate, consumer and PPP loans.

Heritage’s systemwide commercial business loans by industry exposure comprised: 50.6% real estate rental and leasing, 16.6% all other industries, 10% health care and social assistance, 6.2% accommodation and food service, 5.1% retail trade, 5% construction, 3.3% other services (except public administration) and 3.2% manufacturing.

At the end of 2021, Heritage had $3.19 billion, or 83.7% of its loans receivable, in commercial business loans bank wide. Heritage offers different types of commercial business loans, including lines of credit, term equipment financing and term owner-occupied and non-owner occupied commercial real estate loans. It also originates loans that are guaranteed by the U.S. Small Business Administration, for which the bank is a preferred lender, the U.S. Department of Agriculture and the Federal Agricultural Mortgage Corp., according to its 2021 annual report. The bank will provide loans in the eight-figure range. Folsom said commercial bankers tend to develop expertise in different industry niches over their careers. He noted one of the office’s bankers has a strong network in multifamily financing. Another is strong in lending for dental and medical practice acquisitions. Bankers in his office have projects that include lending for a new medical office in Puyallup, tenant improvements for a pizza chain in Yelm, another for a Mexican restaurant expansion in Bellevue and purchasing a retail space in Gig Harbor. Bankers also help their customers do deals outside the immediate area, Folsom said. One banker is helping a client on a warehouse development loan in Arlington and another client on a multifamily project in Chelan. Another lender is putting a project together in Wenatchee.

“A lot of times what happens is the business owner becomes successful, and that’s what we want, that makes it a win-win for us, too, and they end up branching off usually into real estate development or commercial real estate purchases—and that’s where you kind of start to develop the full (banking) relationship,” Folsom said.

That relationship also includes talking with clients about their business. Folsom, for example, has spent enough time with clients in manufacturing, specifically aerospace, that he can talk with customers about what’s occurring in the sector, as other bankers can do in their areas of expertise.

One thing Folsom would like to impart to prospective borrowers, “If they’re looking to establish a relationship and feel like they have a banker they can talk to and help them meet their goals of their business or of their lives… Heritage would be a good place for them.”

BUSINESS IN TACOMA BY THE NUMBERS

Major industries: military, healthcare, finance and insurance, aerospace, trade and logistics, government and education

Major employers: Joint Base Lewis-McChord, Multicare Health System, State of Washington, CHI Franciscan Health, Tacoma Public Schools, City of Tacoma, Tacoma Public Utilities

8 Fortune 500 companies based in Seattle-Tacoma metro area

#2 state for growth

#2 best state economy

#12 best places for businesses and careers

Statistics courtesy of choosetacomapierce.org/locating-yourbusiness/major-employers/

ABOUT OUR COMMERCIAL TEAM

Combined banker experience: 231 years

Areas of expertise: commercial real estate, investor real estate, commercial and industrial lending, equipment financing, SBA lending

Volunteer hours served in 2021: 283

Charitable giving in 2021: $52,875

Top nonprofits: Pierce College Foundation, Amara, Permission to Start Dreaming Foundation, Charles Wright Academy, Emergency Food Network, Rotary Clubs

ABOUT OUR DOWNTOWN TACOMA BRANCH

Yvonne DeGuzman, Branch Relationship Officer Yvonne’s focus is on building relationships with current and new customers. After 20 years in banking, her passion is to help individuals and businesses succeed financially with the partnership of team members from other lines of business. Yvonne is also active in her community by volunteering at the Emergency Food Network. Outside of work, she enjoys cooking, bowling, hiking and watching football with her family.

909 A Street, Suite 710 Tacoma, WA 98402 253.572.5772