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Heavy real-estate lending by Idaho banks raises specter of crash PAGE 6 Boise’s Matt Oppenheimer builds a financial-tech firm in Seattle PAGE 15



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These 22 companies are ready to invest in our community. Help them by sharing your ideas on how to make the Treasure Valley even better. Share your ideas with us: TogetherTreasureValley Brad Street

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Scott Kreiling President



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David Pate, MD, JD

Dennis L. Johnson

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The Month


Construction loans pose risk to banks


There is an underside to the Treasure Valley’s explosion of commercial development the past few years: a rising risk that it might end in a bust. A bust is what followed the irrational exuberance, grounded in greed and fueled by easy lending, that drove Valley home and lot prices so high in the mid-2000s. That is a lens through which Gavin Gee sees Idaho now. Gee directs the Idaho Department of Finance. He regulates state-chartered banks and credit unions. He says they are mostly in good shape today, thanks to the economy’s renewed strength. But he says they are developing increasingly risky concentrations of loans in commercial real estate and construction. Gee told me those concentrations now average 150 percent of the banks’ capital, the investments and re-

tained earnings that buffer against losses. A bank with, say, $150 million in construction loans and $100 million in capital is at this point. According to Gee, the national average is 119 percent. Oregon and Washington have concentrations topping 200 percent. California and Nevada are approaching 250 percent. At 300 percent, Gee says regulators often intervene to stop a bank from going any further. For now, the Treasure Valley remains in growth mode. Growth means construction, and that requires lending. So Gee expects loan concentrations to keep growing. That bears watching. Gee says his office will monitor concentrations closely and work with Idaho banks to manage their risk. He adds: “Hopefully we’ll all do a better job of that than we did in the last crisis.” Do you see signs of trouble or not? Tweet or email me. Reporter Zach Kyle interviewed Gee on a range of topics for this edition. Read Kyle’s Q&A on page 17. David Staats: 208-377-6417, @DavidStaats




Artist’s rendering provided by CWI

The College of Western Idaho proposes a three-building campus on West Main Street along the Greenbelt west of Downtown Boise. The college now rents classroom space for about $2 million a year.

Solar projects on the rise in Idaho

Child-care costs rise faster than incomes

Refugees struggle for financial security

The Idaho Solar 1 project on South Cloverdale Road is the first commercial solar farm built in Idaho. It will deliver electricity to Idaho Power for at least the next 20 years. Idaho Power has contracts with eight solar projects in Idaho, with a combined total capacity of 240 megawatts. Six of the projects are in Southwest Idaho. Two are in Eastern Idaho’s Power County. All are scheduled to be online by the end of 2016.

Families in the Treasure Valley say the cost of putting a child in day care or infant care is getting out of hand. One estimate based on survey data shows the average Idaho family spends $600 per child each month. But child care workers are among the lowest paid in the U.S. Parents, child care providers and early childhood education advocates say Idaho lawmakers should create public preschool or increase funding for child care.

Some refugees resettling in Boise bring wealth, and others have skills that quickly translate into good-paying jobs within a few years of reaching U.S. soil. However, a Boise State University study found that most refugees toil in low-paying jobs long after resettling here. The survey found that 169 refugee families that resettled in the last decade made a median household income of less than $20,000 a year. “They do better over time, but not a whole lot

Inside BANKING AND FINANCE 16-PAGE SECTION ‘Hard $’ building loans ......10 Matt Oppenheimer ...........15 Idaho’s bank regulator .......17 By the Numbers: Banks ....20 Mark Daly on low rates ......21 Peter Crabb on savings .....23 Other columns .......22, 24, 25

THE REST OF THE INSIDER Achievements ............26-30 Datebook .......................29 Who’s Moving ..................31 Jerry Brady on housing ....32 Eric Cawley on audits .......33 Jerry Henley on tech ........34 Neal Custer on iCloud ......35

Subcontractor Patrick Reed works on a Boise home being built with a high-interest, short-term loan. PAGE 10. Photo by Katherine Jones




Nurse practioner Bradley Bigford takes vital signs at patient Ken Cooney’s West Boise home. Bigford started Table Rock Mobile Medicine this year to give patients convenient care at their homes and bill insurance or take cash. Another house-calls business — First Choice Home Health, Hospice and House Calls — opened in the Valley this year too.

better,” BSU researcher Royce Hutson says.

City considers urban renewal on Bench

Vista area on road to revitalization Two years ago, the neighborhood bordered by Overland Road, Federal Way, the New York Canal and Roosevelt Street became the first focus SEE PAGE 8D


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Boise’s urban-renewal agency has been brainstorming a possible new urban-renewal district on the Boise Bench. The district would include areas between and along Vista Avenue, Orchard Street and Overland and Curtis roads. “Is there a way we can help with more investment in the area?” says

Capital City Development Corp. Executive Director John Brunelle. Before a new district could be created, it would go through public hearings and the Boise City Council.






of Boise’s Energize Our Neighborhoods program, which aims to spur economic growth and improve the standard of living in the city’s challenged areas. Business owners in the area are energized. They now host First Fridays on the Bench as a counterpart to Downtown’s First Thursdays. The Urban Land Institute’s assessment of business development opportunities, as part of a look at Vista Avenue’s layout and character, comes this fall. Several business owners are establishing a nonprofit Vista Bench Business Association.

Online grocery shopping arrives in the Valley KATHERINE JONES

Kaylee Steihl, 15, plays pinball at the all-ages Grinkers Grand Palace in Eagle. A pinball renaissance in the Treasure Valley has boosted business at Grinkers.

Albertsons, Fred Meyer and WalMart say shoppers are already using their new shopping options, rolled out over the past several months. Boise-based Albertsons now deliv-

ers groceries to homes around the Treasure Valley. Fred Meyer and Walmart now offer curbside pickup. Albertsons and Fred Meyer hired new employees and trained them to be personal shoppers and orderdelivery people. Albertsons and Fred Meyer charge a fee for their services; Wal-Mart does not.

Hastings closing all five stores in Valley Online shopping and streaming have claimed another victory. The video, music and book retailer Hastings is closing all its stores, e-commerce operations and corporate office after a liquidation process. The closures include three stores in Boise, one in Meridian and one in Nampa. Hastings filed for Chapter 11 bankruptcy protection earlier this year, hoping to find a buyer.

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Pokemon Go boosts Boise businesses Several Downtown businesses reported a surge in foot traffic following the release of the smartphone game Pokemon Go. City Peanut Shop and Pie Hole representatives say they received hungry customers who were on the hunt for digital Pokemon monsters, which can be captured by players finding them on foot on a digital smartphone map. Pizza Pie Cafe on Broadway Avenue also reported an uptick in customers, saying the game brought them near the cafe’s door. Some businesses, including Rediscovered Books in Downtown, posted signs welcoming Pokemon Go players.

Jet boat maker ordered to repay customers A judge approved a settlement ordering Christopher Bohnenkamp, a former Boise custom jet boat maker, to repay $372,000 to eight customers. Bohnenkamp has been subject to lawsuits and an FBI investigation since he moved to New York to start a jet boat touring business after failing to deliver boats that customers bought in advance, usually for more than $100,000 per boat. The settlement also forbade Bohnenkamp from operating a boatrelated business in Idaho. Bohnenkamp owned Bohnenkamp’s Whitewater Customers and the sales arm of the business, Treasure Valley Marine.

Indian company buys failed Hoku plant



Hawaii-based Hoku broke ground on the $700-million plant in 2007, sparking community dreams of a high-tech future. Hoku filed for bankruptcy in 2013. The plant was never finished or operated. JH Kelly, a developer based in Washington State, bought it for $8.3 million and began repaying 104 contractors. Last year, Kelly began selling equipment to recoup losses.

New area code coming

On Sept. 5, 2017, Idaho will receive a second area code: 986. The addition to the state’s original code, 208, means callers will have to use 10 digits to place calls. A transition period will start this Nov. 5. Callers using either 10 or seven digits will have their calls go through. Starting Aug. 5, 2017, calls using seven digits will not go through. People who already have 208 numbers will not have to change them.

Cafe Mule moves to private land Cafe Mule, a one-man, one-mule operation selling coffee in the Boise Foothills in May, has moved to private land after running into a string of regulatory hurdles. Matt Bishop and Richard the Mule are now serving coffee at three locations on the Ridge to Rivers trail system. Two property owners gave Bishop permission to operate, he says. One is the family of Lt. Gov. Brad Little. The locations are at the intersection of Kestrel and Red Cliffs trails, above the Foothills Learning Center; the lower part of Sidewinder Trail, which is farther up the Hulls Gulch area; and the lower part of Three Bears Trail in the Military Reserve area.

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VA Metals of Bangalore, India, bought the defunct Hoku plant in Pocatello, which was built to manufacture polysilicon, a material used in solar panels.



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Banks have trouble underwriting short-term construction loans like the one Veristone Capital issued to Status Homes for building this $379,000 home in Eagle because of lending restrictions imposed after the housing crisis, says Joe de Vera, vice president of sales for Veristone’s Meridian office. “Dodd-Frank makes it easier to pitch [our loans] and easier to talk about,” he says. “The market needs what we provide."

‘Hard money’ is fast money — but costly

‘Hard-money’ at high interest fills a need for some Treasure Valley house flippers and builders, including ones with poor credit. BY ZACH KYLE



etween shaking hands with several potential buyers, Kerry Angelos says a new Eagle home built by his company, Status Homes, won’t linger on the market. Located in the Eagle Springs subdivision, the four-bedroom, threebath home is listed at $379,000 and has already received nibbles, Angelos says. He built the home on a speculative basis, shouldering construction costs without a buyer under contract. Angelos says banks have lacked an appetite for spec building since the Great Recession. Like many small builders, he did not have the cash to pay for the lot and construction.



THE RECESSION HAD A HUGE EFFECT ON FINANCING. IT’S HARD TO GET MONEY. EVEN SOME OF THE BIG GUYS STRUGGLED, AND SOME OF THEM END UP ON (VERISTONE’S) DESK. Status Homes owner Kerry Angelos Angelos says he is in the middle of a long process trying to secure a credit line at a traditional bank. When banks are open to lending to builders like Angelos, they move slowly and require a raft of financial documents, he says. “You feel like you are getting a colonoscopy

without the anesthesia,” Angelos says. Angelos received a loan from Veristone Capital, a Seattle private lender that makes sixmonth loans to homebuilders and house flippers who buy, renovate and resell properties at a profit. The $205,000 loan came SEE PAGE 12D

Banking & Finance





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Joe de Vera, right, vice president of sales in Veristone Capital’s Meridian office, talks with builder Kerry Angelos of Status Homes at an open house in Eagle. Veristone doesn’t shy away from borrowers such as Angelos with bankruptcies in their past. “A lot of lenders out there came out of the recession with pretty strict rules,” Angelos says. “Veristone is helping guys like us who are restarting and rebranding.”


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with a 12 percent interest rate and a 3 percent fee — typical terms for Veristone. Traditional bank loans for building start around 4 or 5 percent, though speculativeproject loans are typically shorter term and come with higher rates. “Hard money” lenders such as Veristone and Idaho Mutual Trust typically underwrite loans carrying high interest rates and secured by real property. They depend less on the borrower’s ability to repay and more on the property’s value than “soft money” lenders, such as banks, that charge lower interest rates and avoid borrowers with bad credit. Veristone customers accept the high interest rates because of the short loan terms and speed: The company can cut the time it takes to make the loan from more than a month to sometimes less than a week. Angelos, whose companies have developed projects in several Western states, filed for bankruptcy in 1989, 2009 and in 2011. In the 2011 bankruptcy, he and his wife listed zero income and $176.6 million in debts and said they were “completely wiped out by the national collapse in the real estate market beginning in 2007.” “Comparing us to banks is apples and watermelons,” says Joe de Vera, vice president of sales in Veristone’s




Dan Bureau, Idaho Mutual Trust senior vice president Meridian office. “Look. If you can get bank financing, please do. We focus on the ability to execute quickly. That’s worth the difference.” FINANCE NICHE Veristone says it is on track to increase from $200 million in loan volume last year to $250 million in 2016. It owes part of its growth to banks grappling with increased regulation, de Vera says. The DoddFrank Act of 2010 set stricter rules for lending, especially on speculative investments, to curb shaky lending practices that contributed to the housing market crash. For example, banks must lend based on current property values, not the increased values that flippers and spec builders hope to achieve. The current values must be established by third-party appraisers, and that can take days or weeks before a bank will sign off on a deal. The regulatory burden for banks created a niche for lenders such as Veristone and Idaho

Mutual Trust, says Scott Gibson, Idaho Division president for Northwest Bank. “As regulations continue to increase, the time frame to work through the requirements has expanded,” Gibson says. “It’s allowed more opportunity for the hard-money lender guys to meet the needs of those folks.” Idaho Mutual Trust can approve deals in two or three days for repeat borrowers, says Dan Bureau, senior vice president of the Boise company. “Timing can save a deal or lose a deal,” Bureau says. ADVANTAGES Robert Shaw, owner of, has taken Veristone loans both to build and to flip homes. He says his company buys about 80 homes in the Treasure Valley a year. He renovates and sells half of those and sells the rest as investment properties. Shaw has also delved into new construction. Shaw says he has done seven deals with



Veristone, usually for more than $200,000 each, more money than he is willing to commit from his company’s coffers. Shaw says he hopes to establish a credit line at a bank, but he lacks the volume and balance to appeal to banks now. “We’re trying to build capital so we can use our own money or get a line of credit, but our balance sheet isn’t amazing,” he says. “We have a couple hundred thousand in the bank. The big builders have assets and lots and money in the bank that they can encumber. “Banks are always willing to lend you money if you have

money already,” he says. Banks balk at borrowers with troubled credit histories, but not Veristone, de Vera says: “We look at the asset first and the exit strategy second, then the borrower third.” Most of Idaho Mutual Trust’s loans are for new construction. Typically, the firm lends at 9 to 12 percent interest with fees ranging from 2 to 4 percent on six- to nine-month loans, Bureau says. The company does not disclose its loan volume. Like Veristone, Idaho Mutual Trust lends to builders whose credit suffered during the recession. It also lends

Banking & Finance


Josh Puente hauls scaffolding at the site of two homes on Gillis Road near Gary Lane. The developer,, funded this construction with a short-term loan from Veristone Capital.

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Alei Merrill Gohtberg, with Amherst Madison Real Estate, prepares for an open house at a home by builder Kerry Angelos.

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to longtime construction workers getting their start as general contractors, Bureau says. “Banks have a tougher time reading between those lines,” he says.

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MITIGATING RISK This is a good time to be in the spec game, de Vera says. Home inventory remains low and demand high. The average number of days a home on the market remains unsold fell by more than half in the last year, he says. That adds up to little worry that builders like Angelos will pay off their loans, he says. “Days on market is an important number,” de Vera says. “We don’t want houses to sit. We want them to sell and for builders to move on to their next project.” However, when inventory eventually rises, making spec building

riskier, de Vera says Veristone’s loan structure will keep it in business. Because of the short loan duration, Veristone is at less risk if the market slows than a bank holding onto 10year notes, he says. The short durations allow Veristone to change terms with market fluctuations, de Vera says. Veristone was comfortable lending up to 100 percent of construction costs for the Eagle Creek house as well as 60 percent of its completed value. In a riskier market, Veristone may lower both percentages and charge a higher interest rate for similar deals. “We can turn on a dime relative to the banks,” de Vera says. “If the economy goes up, they are stuck with 4 percent rates. Maybe we’d charge 14 percent down the road, or

choose to keep rates lower to keep things humming.” FULL CIRCLE Idaho Mutual Trust does not sell its loans, but de Vera says Veristone sells notes on about 25 percent of its loans. Veristone services all of its loans, including those it sells. Sometimes, Veristone sells the notes to the banks that were unable to offer short-term loans in the first place. Those banks use Veristone to tap into the market niche that increased regulations made more difficult, de Vera says. “And why not? Banks do their due diligence on us. They see our numbers. They make a nice margin.” Zach Kyle: 208-377-6464, @IDS_ZachKyle



Boise-born entrepreneur rises in Seattle financial-tech sector BY AUDREY DUTTON


usiness leaders, politicos and many others know his family name. The Oppenheimers are a Boise legacy. Matt Oppenheimer’s grandfather started the Oppenheimer Cos. food processing, sales, and marketing and commercial real estate business. His father is Arthur F. “Skip” Oppenheimer, the company’s CEO. But to build his own headline-making business, Oppenheimer had to move. Now in Seattle, the 34-year-old Boise native is running his first startup — a financial-technology business, Remitly, that handles more than $1 billion a year in transactions for hundreds of thousands of customers sending money home to the Philippines, Mexico and other countries. Oppenheimer had the idea for Remitly while working for Barclays Bank in Kenya. He noticed how much people relied on outdated methods such as wire transfers to send money between countries. Remitly’s mobile and desktop transfer system offers a more efficient and affordable way for

foreign workers in the U.S. to send money, or remittances, back to their home countries. The cost to use it is free for transfers that take three days or $3.99 for an instant transfer. “Living in Kenya and seeing how remittances went ... this was a problem that I not only felt like I could build a big business, but also thought I could make a big impact on the world,” Oppenheimer says. Boise startup guru and investor Mark Solon, a general partner in Highway 12 Ventures, took Oppenheimer under his wing, laying the path for Remitly to ramp up at the Seattle offices of Techstars, a Boulder, Colo., startup training and development program in


which Solon is managing partner. Q: What is Remitly’s origin story? A: I had the idea before I came back but really started to push the idea forward for the first few months in Boise. I lived in the guest bedroom of a friend I went to preschool with. I rented his extra bedroom. I’ve always been interested in entrepreneurship, and Mark [Solon] has been an amazing, amazing mentor for not only me but a lot of folks in the Boise area [and] nationally. There was a job-shadow day when I was in high school at Boise High, and I shadowed Mark. I interned for him at Highway 12 [three years later]. Q:





Remitly’s growth between 2014 and 2015

When I was thinking about starting the business, I had the business side of experience, but I didn’t have the tech perspective or connections, and as a venture capitalist, Mark knew that world well, so it was a great place to land. Mark told me about Techstars. Q: You took the idea from there to Techstars in Seattle. Why did you need to leave Boise to build Remitly? A: I think for me as Q:

Matt Oppenheimer




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The Remitly team at the company’s Seattle headquarters. Oppenheimer is the man with the beard near the center of the middle row.

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a first-time founder, I think that having access to talent — especially software engineers — and not having to convince people to relocate was a big factor. There’s some software engineering talent in Boise. I’m encouraged by the investments some of the schools are making there. But getting into Techstars, and my cofounder and chief operating officer being from Seattle, the software engineering community ...

early-early stage, basically-at-concept-stage startup is you want everything possible to be in your favor, because there are so many roadblocks that have to be overcome. And the ecosystem and worldclass talent in Seattle was too hard to resist. The hub of talent in Seattle is huge. That’s why there is a whole bunch of outposts [in Seattle of tech businesses such as Facebook]. I wanted that tailwind.

Q: Boise didn’t have the right tech workforce? A: I wouldn’t say there wasn’t enough talent. There’s a ton of talent in Boise. ... I think there’s a lot of great things happening in Boise. I feel like Rick Ritter [director of Meridianbased New Ventures Lab and former CEO of Idaho TechConnect] and Kevin Learned [director of BSU’s Venture College] are doing a bunch of cool things. But the deal with an

Q: What are your threeor five-year plans for Remitly? A: We just raised, in April, a $38.5 million round. Our focus has been to really be customer-focused and product-focused, so right now we send money from the U.S. and Canada to the Philippines, India and Mexico [and other Central and South American countries], and the plan is to focus on those corridors. We’ll launch a bunch of new mar-


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kets, because there are a bunch of customers in those markets that are excited to use us. The U.S.-to-Philippines alone, there is over $10 billion that’s sent. U.S.-to-India, there’s $15 billion sent. In the markets we’re in, there’s still a lot of room to grow. Q: Do you see yourself ever returning to Boise? A: I’m 100 percent invested in what I’m doing now in terms of scaling up my business. But I love, love Idaho. So I think that I could eventually return. There’s no place like Boise. Q:


Audrey Dutton: 208-377-6448, @IDS_Audrey






Growth in total income of Idaho-based banks during the first three quarters of 2016, to $13.8 mllion


Asset growth during that time


Ratio of noncurrent loans to total loans, down from 1% last year


Return on assets, up from 0.82% last year

Q: How healthy are Idaho community banks? A: All but one were profitable in the first quarter. The economy has been strong since the recession. We’ve seen a lot of improvement. We don’t have a single troubled bank. During the crisis, we had a number of banks under formal enforcement actions, and now we don’t have any. The industry is strong. Q:



Gavin Gee has worked with the Idaho Department of Finance since 1977. He became interim director in 1995 and director in 1996.

Idaho’s top banking regulator wants fewer federal regulations



es, risky lending practices led to the Great Recession, says Gavin Gee, director of the Idaho Department of Finance. But he says thousands of pages of new regulations, most notably those introduced in the Dodd-Frank Act of 2010, have been overkill, stymieing community banks and credit unions that Gee’s office regulates. Gee, 66, married his wife, Libby, 42 years ago. They have four adult children and 10 grandchildren. He walks or jogs on the Boise Greenbelt almost every day.

Q: Bankers frequently complain that regulations created by Dodd-Frank have limited business. How has Dodd-Frank affected Idaho banks? A: I’m not particularly a fan of Dodd-Frank, which many would say was an overreaction to Q:






Net income of Idaho-based credit unions in the first three quarters of 2016


Increase in net income from last year

10.7% Increase in net worth


Loan growth

BUSINESS INSIDER the financial crisis. Dodd-Frank was written to address the issue of banks being too big to fail, but that hasn’t changed a bit. The banks that were too big to fail before are even bigger today. Community banks are not too big to fail. We know that from firsthand experience. That gives a huge advantage to big banks. Because of the added regulatory burden, it’s now so difficult that some of our smaller banks are no longer making mortgages. That doesn’t make sense to me. ... Isn’t

this something a community bank ought to be able to provide, and to do it profitably? To help their customers buy a car, or a home? We really do need right-size regulation so it’s still profitable for community banks to make those kinds of loans. Q: Do you see positives to Dodd-Frank? A: Most in the banking community would call the creation of the Consumer Financial Protection Bureau a negative, because it introduced so many regulations. But it made some positive changes Q:


I didn’t know how I was going to do it, but my banker did.

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that benefited consumers. Q: Such as? A: If you get a mortgage today, you get a stack of paper so thick that hardly anybody reads them. More disclosure rules have turned out to be less disclosure. There’s a proposal to create forms that are simple and explain terms in plain English. That would be positive. They’ve created a national complaint database. [The database records consumer complaints about any loans made by banks or other lenders.] Q:



While many in the industry don’t like that it’s public, the concept is a good one. Q: What are some of the more recent developments in the bankregulation world? A: There’s virtual currency, the bitcoins of the world. Transactions with those currencies often happen outside of the traditional banking system, which concerns banks. We also have a new competitor to banks: financial technology companies, or what we call fintech. These are private companies getting into the bank busiQ:


ness without getting bank charters. They are making commercial and consumer loans. It’s all online. Sofi an example. Lending Club is an older one. There’s a lot of concern about their underwriting standards, that they will get into trouble the same way banks do — by making too many bad loans. Q: As a state regulator, how do you tackle fintech? A: More states are saying they should regulate fintech companies. Banks are complaining that they are subject to regulation Q:


when these companies, which compete for customers and loans, face little or no regulation. How is that fair? At the same time, these companies aren’t banks. They don’t take deposits. Our concern is, if they are making consumer loans, even if they operate exclusively online, they still need to be licensed. If they only do commercial lending, we have no jurisdiction. Q: What other concerns do you hear from community bankers? A: The banks continue to be concerned in Q:





growth from the farmcredit system, a quasigovernment entity, competing in the ag sector. There’s also an increase in commercial lending competition from largest credit unions, which are tax exempt, increasing competition. We can’t do anything at state level about the farm-credit system or credit union tax exemptions. Those would take an act of Congress. Q: What trends do you see in the consumer complaints your office receives? A: We’ve seen a decline in investment Q:


and mortgage fraud. In the aftermath of the Great Recession, we had Idaho’s largest Ponzi scheme in the Rexburg-Idaho Falls area. [The department won a $27 million judgment against Daren Palmer, who received an eight-year prison sentence for the fraud. The scheme took nearly $76 million from investors]. There’s been a decline in those kinds of major frauds and enforcement actions. We’ve taken a number of smaller actions. Q: How would you describe the influence that Idaho Sen. Mike Q:

Crapo wields as a senior member of the Senate Banking Committee? A: In a close election for control of the Senate, the outcome of the presidential election may influence the outcome of close Senate races. If the Republican wins the White House, it may be likely that enough Republicans would be elected to control the Senate and vice versa. If the Republican nominee became president, it’s very likely Sen. Crapo would be chairman, an extremely important and powerful position. Even if that doesn’t A:

happen, because of his seniority, he has a critical role in the banking world. Sen. Crapo has been a strong supporter of decreasing regulation, especially for community banks. Q: You are concerned about bank branches in small Idaho towns closing. A: Given the increasing popularity of online, mobile and other forms of electronic banking, some financial institutions see decreasing value in physical branches. My concern is that small rural communities could lose their financial instituQ:



tion offices. Banks and credit unions play a critically important role in making credit available, supporting local economic and communitydevelopment efforts, and often providing leadership and staffing for local government, education, civic, charitable and other organizations. In Idaho, we have had 43 branch offices close since 2013, several in small rural communities. Zach Kyle: 208-377-6464, @IDS_ZachKyle. Edited for length and clarity.

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By The Numbers



$2,405 million 26.2% $2,405 million 26.2% $2,089 million 22.8%


$1,052 million 11.5% $662 million 6.1%

Number of offices

$488 million 5.3%


Graphics by Lindsie Bergevin

The Federal Deposit Insurance Corp.’s report detailing the 2015 market share of each bank operating in the Treasure Valley shows little jostling from the year before. The three largest banks, Wells Fargo, U.S. Bank and KeyBank, kept their top spots and retained the lion’s share of the market. J.V. Evans III, executive vice president for the largest Idaho-based community bank, D.L. Evans Bank, says he hopes to increase local market share by opening branches in Caldwell and Fruitland. That would build on the bank’s 10 percent year-over-year deposit increases, twice the marketwide 5 percent rate. “We see good, strong growth here,” Evans says.

$417 million 4.6% $332 million 3.6% $291 million 3.2% $289 million 3.2% $256 million 2.8% $253 million 2.8% $177 million 1.9% $135 million 1.5% $133 million 1.5% $102 million 1.1% $72 million 0.8% $55 million 0.6% $45 million 0.5% $14 million 0% $0 million 0%


Why there’s no end in sight to low interest rates


The economy is steaming along, or remains in dismal straits, depending on which political convention you watched. So why are interest rates still at historic lows eight years after the




Great Recession of 2008-09? The yield on a 10year U.S. Treasury note traded at 1.336 percent on July 6, the lowest yield on record. Shortterm interest rates aren’t much either. Bank of America reported it would take 107 years to double one’s money at 0.65 percent, the average yield for a 12-month certificate of deposit. The most interesting theory about low interest rates appeared in

a Wall Street Journal article in early July: Central banks around the world are buying and holding their own debt. This limits the supply, keeping prices high and interest rates low. It also reduces interest expense for the Treasury when one part of government pays another. The U.S. Federal Reserve “taper tantrum” in 2013 began a reduction in the rate of buying, and the Fed now owns about 20

percent of U.S. debt. Now, the European Central Bank and Bank of Japan have initiated aggressive purchases of their outstanding sovereign debt. High-quality debt is getting harder to find. The share of bonds with the highest credit ratings has declined from 84 percent of sovereign debt outstanding in 2011 to 51 percent today. The ECB reportedly has been buying corporate debt and crowding out in-

vestors in the private sector. Besides savers taking a beating, pension funds and lifeinsurance companies now face higher competition for high-grade, long-duration bonds needed to make future payments. It gets worse: Some countries are now experiencing negative interest rates. Banks and governments around the world are charging savers for the privilege of holding their money. That blows my mind. How can you grow your capital? Why would anyone consciously buy a bond that yields zero or has a negative yield? It defies all laws of common sense, but that


is the upside-down world we live in today. And what about real returns? (That is, a return over inflation that maintains purchasing power.) You guessed it: They are decidedly negative when the cost of living is applied to today’s ultra-low yields. Financial repression and economic malaise could be the new normal for some time. Mark Daly is managing director, investment officer, Daly & Vachek Investment Consulting Group of Wells Fargo Advisors.; 333-1433

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Envision a world of drive-thru payments and one-card shopping


Many years ago, on the way to do an executive training session in Sun Valley, I stopped to get gas. I spilled gasoline on my shoes and skirt. Since I didn’t have time to change clothes, when I arrived

at the training program, I didn’t smell especially fetching. I was terrified that someone would light a cigarette nearby and I’d burst into flames. Perhaps a dramatic training course gimmick, but not one I wanted to test. I’ve hated pumping gas ever since. My good husband does it for me 90 percent of the time. I used to go to a fullserve station on Hill Road in Boise to avoid pumping it myself, but now that’s gone. So I

have always been on the lookout for easier ways to get some tasks, like tank filling, done. I don’t expect gas tank fills to go automatic anytime soon, but I still began thinking about other ways to shop and pay. Last year, I discovered that the car wash I go to had a “pay a monthly fee and come in as often as you like” program. Now, when I drive up, the tag on my car alerts the system that I’m a frequent

washer, the arm lifts, and away I go. One minute later, I’m done and on my way. It is sort of like the E-Z Pass system on tunnels and toll roads around the country. So why aren’t more organizations — and their banking partners — finding ways to use such drive-thru automatic-pay technology? I read about Apple Pay, where you use your phone to pay, and Apple’s collaboration with McDonald’s to use


Apple Pay there. Another system out of Russia was even more intriguing: a patented drive-thru grocery store. A customer drives past a rotating shelf, “scrolls” through available items and chooses what she wants, places them on a conveyor belt and a cashier checks her out. So I began speculating about other places where you could have your payment deducted automatically, without having to present a card each time. Could we build in E-Z Pass-type payment into a credit or debit card that you add services to when you sign up? You could avoid stuffing so many

cards in your wallet, because the pay system would read when you have it and just let you through (or deduct payment). You could add places to the card as you joined them — the art museum, the zoo, your bank safety deposit “key” — and your “do it all” smart card would keep track of it all for you, sitting in your pocket. I suppose the next step is the implant you could “add to” on demand. But I’m a wimp when it comes to needles, so I’ll pass on that. Nancy Napier is distinguished professor, Boise State University,

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As individuals and for the nation, we should boost our savings


Patience is a virtue. We’ve heard this old adage many times, but researchers now find it may make us both healthier and wealthier. A study published last month by the National Bureau of Economic Research found that people who are more patient live better and have more money. Specifically, the research compared elderly Americans’ willingness to delay financial gratification with the ultimate outcome of their health and wealth. People who are less patient with their savings and investments — that is, they want these funds to grow at higher interest rates — were significantly more likely to develop dementia, cancer or heart conditions. People who do not expect to get rich quick ultimately ended

up with better health and a net worth that was $130,000 higher on average. If we want to improve lives and expand the economy, we must show more patience with our money. Economists have known for years why savings raise a country’s standard of living. With more savings, there is more investment in capital equipment and worker training, which in turn increases worker productivity. Alexander Field writes about this in the “Concise Encyclopedia of Economics.” “The bottom line: If a country wants its standard of living to rise over the long run, its labor productivity has to go up. And for that to happen, it either has to save more or innovate.” Now we see it may also help us live better and longer. Unfortunately, we aren’t saving much. At 5.3 percent of disposable personal income, U.S. households save only about half as much as we did in the 1970s, as reported by U.S.

Commerce Department. The Financial Industry Regulatory Authority runs the National Financial Capability Study, which measures a number of characteristics about our “financial capability.” These measures include whether or not we spend less than we make and how much we save for a rainy day. As a group, Idahoans are spending more than most. Only 34 percent of our state’s people report saving more then they spend, compared with 41 percent nationally. Now that we know higher savings may actually help us live better and longer, we should pursue more. Policymakers can do their part by removing incentives in the tax code, both federal and state, that encourage borrowing over savings. Patience is a virtue. We need it, as individuals and as a nation. Peter Crabb is professor of finance and economics at Northwest Nazarene University in Nampa.

The Economy


Run, Walk or Volunteer! Team Set-Up Deadline is August 31. Team members can register through September 18.

The FitOne Healthy Business Challenge invites local businesses to join in friendly competition while promoting health, fitness, and camaraderie. Final team counts for awards are taken on Sunday, September 18 at midnight.


The 2016 F FitOne 5K, 10K and Half Marathon is fo for runners rs and walkers of o all ability ity leve levels. All courses start at the he State Capito Capitol to o in downtown wntown Boise and an nd finish in Ann Mo Morrison Park. Team walk or volunteer! am members can run, w voluntee Powered by:

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Human Resources


Bonuses for banking, finance executives sometimes backfire


Banks and other financial institutions bathe in the competitive environment to obtain top-notch executives. Maximizing profits and shareholder returns contribute to the desire for compet-

itive bonuses tied to financial-performance measures. There are several downsides to the bonuses. The organizational lust to provide extravagant bonuses might motivate executives to go out on a limb to boost returns. Before the 2008 crash, there was plenty of risky behavior with the help of $250,000-andup bonuses. What goes up to make tons of money will often go down to reality.

Financial measures such as net profits and return on investment dominate bonuses. Should executives also be measured by how well they treat their employees? Stockholders are important stakeholders, but employees are too. Sometimes a rotten executive might get short-term financial results but also longterm problems, because nobody can stand being near the monster. Even though some key employees may be paid

above competitive rates, key employee turnover can significantly destabilize the company’s operations through the loss of strategic and transactional memory and talent. Not everything comes down to numbers when people are involved. If the bonuses are based on one year’s effort, the first year may be great but at the expense of the next three. This is especially true when the executive


leaves for greener pastures after the first year. Banks tend to use a “universal banking model” in which each branch employee can be a cashier and customer-service representative. Though the gross pay is a bit higher for the additional roles, that pay might be low relative to bank executive net pay with the bonuses. Is the ratio between lower-level and executive-level pay fair? It is challenging to determine how much increased profits occur as a result of executive decisions or the cumulative decisions of the branch employees with additional roles. Given greater

regulatory pressures to limit bonuses, especially in the global banking industry, one strategy is to provide a greater salary without the bonuses to the executives. The immediate need for significant financial growth might not motivate strictly salaried executives as much. However, the industry is trending toward steady financial improvement rather than wild swings as occurred in the “Roaring 2008s.” Gundars Kaupins is a professor of management in the College of Business and Economics at Boise State University. gkaupins@




How to bank securely on the go


I introduced a friend to mobile check deposit the other day. He was wary. Is it really secure to just take a picture to put money in your account? The short answer is yes, if you take precautions. No tech-

nology is 100 percent secure, and there is always a risk of having your information stolen. There’s also always a risk of someone stealing your mail or skimming a card. Risk is everywhere. It’s up to you what you are willing to tolerate. Whether you use mobile deposit or check your transaction history on your phone (and you should be checking regularly), you need to be alert to possible vulnerabilities and

know the ways to prevent hackers from getting hold of your banking information. For personal or business accounts, the Better Business Bureau urges you to keep a few things in mind when using online or mobile banking: A Keep your software up to date. That means downloading system updates on your phone and installing antivirus software on your computer. Updates often come with security

fixes to better protect your device from viruses or malware. A Keep your passwords, personal information and bank account numbers private. Don’t share them with anyone unless you initiate the contact and know you are dealing with your bank or its mobile application. A Don’t save passwords, personal identification numbers (PINs), answers to secret questions or account numbers on

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Better Business your device. Make sure you use strong passwords. Turn on twofactor authentication when available. A Set your devices to require passwords when they are powered up. Don’t let your bank account automatically log in or remember passwords. A Don’t access your bank account via mobile or computer through free WiFi. WiFi at hotels, airports and coffee shops might be convenient for browsing and checking email, but it’s a playground for thieves. Use only secure WiFi when accessing


any account that requires a password. A Don’t respond to a text message or email asking for your banking information. It is likely a phishing attempt. Keep in mind how your financial institution normally contacts you, and be wary of anything out of the norm. A Notify your mobile service provider and your bank if your phone is lost or stolen. Dale Dixon is chief innovation officer for Better Business Bureau Northwest. 342-4649,


Your Business Community



Advertising & Marketing

CLM Marketing & Advertising in Boise has hired Jessica Holmes as senior copywriter. A 12-year veteran of the advertising industry, Holmes ran her own copywriting business and Story Story Night, a live storytelling program in Boise, for nearly seven years.


Abbi Johnson, an interior designer I, and Tara Thompson, an administrative clerk, have joined the CSHQA architectural and engineering firm in Boise. Johnson interned with CSHQA last winter and has returned as a full-time permanent employee. She received her Abbi bachelor’s degree in Johnson interior design this year from the University of Idaho, with an architecture minor in 2014 from the University of Colorado at Boulder. Thompson received her bachelor’s degree Tara in interior design with Thompson minors in architecture and technical theater in 2006 from the University of Idaho and her associate’s degree in liberal arts in 2000 from the College of Southern Idaho. ••• Design West Architects P.A. has opened its fourth office at 581 SW 33rd St. in Ontario. The Meridian firm also has offices in Pullman and Kennewick, Wash. The Dion Zimmerman Ontario office will be

managed by Dion Zimmerman, who joined Design West in 2013.

dent. Gibson has 30 years of Idaho banking and leadership experience. Northwest Bank, originally known as Western Capital Bank, was started in Boise in March 2008.



Francoise Cleveland has joined the Idaho office of AARP in Boise as the associate state director of advocacy. Cleveland was a district director for former U.S. Sen. Larry Craig, R-Idaho, and has worked for the Francoise Idaho House of RepreCleveland sentatives and the Idaho Department of Education. She graduated from Idaho State University with a bachelor’s degree in public relations and a master’s degree in public administration.


Aaron Williamson has been named to lead Idaho Trust Bank’s new family-office services team, which serves high-net-worth clients. Williamson has a bachelor’s degree in economics and political science from the Aaron University of Idaho Williamson and an MBA from Northwest Nazarene University. ••• Jeff Moore has been named vice president and branch manager of the South Meridian branch of D.L. Evans Bank. Moore has 21 years of banking experience. He earned bachelor’s degrees in liberal studies and business administration from NorthJeff Moore west Nazarene University and an MBA at University of Tennessee-Martin. ••• Northwest Bank named Scott Gibson as its Idaho market presi-

University of Idaho President Chuck Staben has promoted two employees to permanent leadership positions of units where they had been interim leaders. Yolanda Bisbee is chief diversity officer and executive director of tribal relations. Bisbee earned her bachelor’s, master’s and doctoral degrees at U of I, has worked at the university for 25 years and is the first Nez Perce woman to serve in the president’s cabinet. Erin Agidius is director of the Civil Rights and Investigations unit. Agidius earned her bachelor’s and law degrees from U of I and has worked there seven years. ••• Idaho State University Professor of Biological Sciences Colden Baxter has been elected president of the Society of Freshwater Science. Baxter will serve three years, first as president-elect, then as president and finally as past president. Colden Michal “Miki” Baxter Goodwin, a former assistant professor and coordinator of Idaho State University’s accelerated nursing program, is the new dean of the School of Nursing. Goodwin will oversee the undergraduate, graduate and doctorate nursing programs on campuses in Pocatello, Meridian and Idaho Falls. Goodwin, who holds a doctorate in nursing education from UniMiki versity of Nevada, Las Goodwin Vegas, worked at ISU from 2004 to 2011. Dr. Brian Crawford, the chair of



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the Idaho State University Department of Dental Sciences, is the new president of the Idaho State Dental Association. Brian Crawford

Rex Force

Rex Force is Idaho State University’s new vice president for health sciences. Force, who joined the ISU faculty in 1993, assumed his new duties July 1 after serving as the associate dean for clinical research in the Division of Health Sciences.

Financial Services

Hannah Seeley has joined Harris & Co. as a tax manager. She has 10 years of experience. Seeley started her career at a large regional firm and was a tax manager at a multinational medical device manufacturer. She received a master’s of professional accounting in taxation Hannah degree from the UniSeeley versity of Washington.


Leslea Basterrechea has been named superintendent of the city of Nampa’s Environmental Compliance Division, which includes eight fulltime employees. Basterrechea has a bachelor’s degree in chemistry from the College of Idaho and previously worked for



Your Business Community



St. Luke’s Mountain States Tumor Institute will receive a $50,000 Hyundai Impact Grant from Hyundai Hope On Wheels and Boise-area Hyundai dealers. MSTI is one of 18 institutions to receive such grants. It was chosen for its care of adolescents with pediatric cancer. ••• Larry H. Miller Dealerships donated $7,500 to Charitable Assistance to Community’s Homeless, or CATCH. The money will help homeless families with home-rental application fees, move-in assistance, basic household items and employment assistance.

Health Care

The Idaho State Dental Association’s foundation has awarded a $3,000 grant to Serve for Health, which helps the poor in Canyon County with dental care.


Hartley Insurance in Boise has earned a 2016 Safeco Insurance Make More Happen Award for its community work with Hope House. The award includes a $4,000 donation to Hope House from Safeco

NICOLE BOXER Director, Writer, Producer


Kid to Kid and Uptown Cheapskate resale stores have partnered with BuildOn, a nonprofit that works with underserved communities around the world, to raise money to build schools in impoverished countries. The Boise Kid to Kid and Uptown Cheapskate stores are owned by Boise resident Bill Long. His Boise stores contributed $6,860.

career in 1978 framing residential homes, then transitioning to light commercial construction and began his governmental work experience in 1998. Caulder directs a staff Bret of 13. Caulder ••• Natural resource professional Greg Hughes has been named state supervisor for the Idaho Fish and Wildlife Office of the U.S. Fish and Wildlife Service in Boise, supervising 64 employees.



Senior Executive Coach, Linda Davis Leadership Development

President Worcester Polytechnic Institute



The University of Idaho’s Research Park in Post Falls received a donation valued at $3.2 million from Coeur d’Alene broadband fiber provider Fatbeam. Fatbeam, cofounded by Greg Green and Shawn Swanby in 2010, donated two Fatbeam-owned highspeed fiber optics beginning at Liberty Lake, Wash., and traversing 65 miles. The donation includes a longterm contract to provide 1-gigabit Internet access for the research park.

CHARLOTTE BURROWS Commissioner of the U.S. Equal Employment Opportunity Commission (EEOC)



For more information or to register contact the Andrus Center: (208)426-3784 |


Boise’s city water quality lab. Tom Points is Nampa’s new city engineer, supervising 18 people. Points worked for the Idaho TransLeslea Basterrechea portation Department for 15 years. He is a University of Idaho graduate. Bret Caulder has been promoted to Nampa’s building official after nearly one year at the city. Caulder started his Tom Points

Insurance. Hartley Insurance agent Casey Tindall and Hope House also had a story featured on, which awarded the nonprofit an additional $1,000, for a total of $5,000.





Founder Sokol Blosser Wines

Head of Technology Communications and Strategic Alliances DreamWorks Animation

The Innocence Project

Oscar Nominated Documentary Filmmaker


Your Business Community

Freemuth to lead BSU’s Andrus Center Boise State University has named professor John Freemuth executive director of the Andrus Center for Public Policy. According to a news release: Freemuth was most recently the center’s senior fellow for environment and public lands. He teaches environmental policy and administration in the university’s School of Public Service. “John Freemuth John has been an imporFreemuth tant part of our environment and public lands work over the past 20 years,” said Cecil D. Andrus, the former Idaho governor and U.S interior secretary, for whom the center is named. Andrus cited Freemuth’s “commitment to collaborative policy development based on sound science and broad public involvement.” Freemuth has published research on the relationship between science and public policy involving public lands. He has been a principal investigator for the U.S. Geological Survey, chairman of the Science Advisory Board of the U.S. Bureau of Land Management, a high school teacher and seasonal park ranger. “Wallace Stegner once said that the battlegrounds of the environmental movement lie in the Western public lands,” Freemuth said in the release. “Our contribution to the discussion surrounding public lands is needed now more than ever.” The center is a nonprofit within the School of Public Service at Boise State. It hosts events on policy issues, the Andrus Award for Leadership, the Andrus Lecture and the upcoming Women and Leadership Conference.


Hughes, a 29-year employee of the service, is its regional chief for migratory birds in the Southwest region. He succeeds Mike Carrier, who retired in 2015.

Health Care

Allison Carter, a Boise resident, has been hired as business development specialist at Positive Changes Hypnosis in Boise. Cater has a bachelor’s degree in family and consumer sciences from the University of Idaho and experience in pharmaceutical sales and Allison Carter health care consulting. ••• The Idaho State Dental Association elected its new executive committee: Brian R. Crawford, president; James Miller, president-elect; Dan R. Wilson, vice president; S. John Staley, secretary and treasurer; and John E. Hisel Jr., immediate past president. Staley and Hisel practice in the Treasure Valley.


Pets Best Insurance Services LLC, of Boise, has promoted Jared Hight to general counsel from vice president of claims. Hight attended the University of Idaho College of Law while continuing to work Jared Hight full-time for Pets Best and graduated in December. He has been with Pets Best since its inception in 2005, soon after his graduation from Boise State University with an undergraduate degree in English literature.


Dana Hofstetter

Attorney Dana Hofstetter has joined Hawley Troxell in Boise. She has 25 years of experience. She received her law and master’s degree from

the University of California, Berkeley, and her bachelor’s degree from Princeton University. ••• Joe Southers has been hired as an associate attorney at Elam & Burke in Boise. Southers, raised in Eagle, holds a law degree from the University of Idaho Joe and a bachelor’s Southers degree in economics from the University of Kansas. ••• The National Academy of Family Law Attorneys named seven Treasure Valley lawyers to its list of Idaho’s top family law attorneys. They are: Geoffrey E. Goss, Boise; Jennifer April Roark, Nampa; Lauren E. McConnell, Boise; Tami Elizabeth Monek, Nampa; Jennifer M. Schindele, Boise; Tessa Jeanean Bennett, Boise; and Tyler Stanton Rounds, Caldwell.


decisions made by Idaho’s largest and most powerful health care organizations.


Jennifer Neil

Steven Arnold


Boise Cascade has named Erin Nuxoll as vice president of human resources. Nuxoll, who has spent 23 years with the company, previously served as Boise Cascade’s vice president of human resources from 2003 to 2005 before leaving to join the J. R. Simplot Co.


Idaho Statesman business reporter Audrey Dutton won two regional journalism awards for her reporting in 2015 on 8,000 pages of court records. Dutton won first-place awards for her “Inside Our Hospitals” stories in the business-reporting and comprehensive-coverage categories among large daily newspapers in the Society of ProfessionAudrey al Journalists’ NorthDutton west Excellence in Journalism competition. The stories revealed what goes into business

Amanda Soza

The Wyakin Warrior Foundation in Boise has named two people to its board of directors and hired an executive. Jennifer Neil has joined the board. Neil is an executive director of gift planning at Boise State University. Steven Arnold has joined the board. He is chief counsel of the technology licensing department at Micron Technology Inc. Amanda Soza has been hired as director of development. She most recently served as director of communication and development at Foothills School of Arts & Sciences in Boise.

Dr. John L. Livingston, a former U.S. Navy surgeon and a retired general surgeon, will join the Idaho Freedom Foundation in Boise as a special adviser on medical policy. Livingston, a Boise resident, performed general and trauma surgery for more than 35 years, including 12 in the Navy and 25 at Saint Alphonsus Regional Medical Center in Boise.

Real Estate

TitleOne Corp. in Boise has promoted Matt Bramwell, Lisa Scholz and Tyler Thomas to escrow officers. Bramwell has 15 years of escrow Matt Bramwell experience and



five years of title experience and is a graduate of Idaho State University. Scholz has 16 years of real estate experience and several years of title and escrow Lisa Scholz experience. She is a graduate of University of Idaho. Thomas has 11 years of title and escrow experience. He has a bachelor’s degree in business adminisTyler tration from Boise Thomas State University. ••• David Gerber has been promoted to IT team leader at TitleOne Corp.

DATEBOOK Wednesday, Aug. 17 Strategy to Survive, People to Drive, Culture to Thrive Seminar: 8 to 10 a.m. at Fisher’s Technology, 575 E. 42nd St., Boise. Learn how to create and execute a strategy, identify and hire people, and build and enhance a culture. Free. Call 375-4410 or go to mostrequestedseminar. Boise Bitcoin Meetup: The Cost of Disruption: 7 p.m. at the Boise Tech Mall, 1550 S. Cloverdale Road. Learn the pros and cons of a new technology. Go to

Thursday, Aug. 18 How to Build Trust with Advertising: 4:30 to 6 p.m. at Nampa Public Library, 215 12th Ave. S. Learn ways to ensure ethical and truthful advertising, connect with customers, provide emotional value, respond to negative comments, and use the right terms in market-

Your Business Community

in Boise. In addition Restaurant to 20 years of customTyler Lester, general manager of er service experience, the Olive Garden in Gerber has 16 years Boise, has achieved of experience in sysparent company Dartems administration den Restaurants’ Diaand several years mond Club status. He David Gerber specializing in storis among 42 of Olive age and virtualGarden’s more than ization administra800 general managers tion. Tyler Lester to be recognized this ••• year. Rachael Ebeltoft has joined Thornton Transportation Oliver Keller ComLandstar System Inc., a provider mercial Real Estate’s of transportation services, has recogproperty management nized Rebecca Wilder, of MidRachael department in Boise dleton, as a One Million Mile Safe Ebeltoft as an assistant proper- Driver. Wilder has driven a million ty manager. Ebeltoft has 12 years of consecutive miles without a prevenadministrative work experience. table accident.

ing material. Free. Call 468-5807. or call 472-5259.

Thursday, Aug. 25

From Idea to Action: Creating Your Business Plan: 11 a.m. to 1 p.m. at Zions Bank, Business Resource Center, 800 W. Main St., Boise. Free. To RSVP, call 501-7573 or email

Boise School Board Candidate Forum: 9 to 10:30 a.m. at Boise Metro Chamber of Commerce, 250 S. 5th St. All three school board candidates — Beth Oppenheimer, David Wagers and Monica Walker — have confirmed their participation. Free, but registration is requested at Business After Hours and Trade Show: 5 to 7 p.m. at The Club at SpurWing, 6800 N. SpurWing Way, Meridian. No RSVP needed. Free to Boise Metro Chamber members, $10 nonmembers (pay at the door). Go to

Wednesday, Aug. 31 Business Education Series: Tackling Business Communication Challenges: 9 to 10:30 a.m. at Boise Metro Chamber offices, 250 S. 5th St. Free to members, $35 nonmembers. To RSVP, contact Andrea at avlassiszahn@boise-

Thursday, Sept. 1 Boise City Mayor’s State of the City Address: 4 to 6:30 p.m. at The Egyptian Theatre, 700 W. Main St., Boise. Community celebration to follow at the Basque Block. $35 for Boise Chamber members, $45 nonmembers. $22 per person for community celebration. Register by contacting Mike at mswain@boisechamber.or or 472-5212.

Wednesday, Sept. 7 Bitcoin 101 Talk: 7 p.m. at Boise Public Library, 715 S. Capitol Blvd. Introductory discussion about Bitcoin digital money. Go to



Sheila Spangler has joined the Boise office of Murphy Business & Financial, a business brokerage firm. Spangler has launched and led the Zions Bank Business Resource Center in Boise, the Sheila now-closed Women’s Spangler Business Center in Boise, and her own business brokerage, Capital Strategies. ••• David Choate has joined the Boise office of Murphy Business & Financial as an associate broker. He has 25 years experience in commercial real esDavid tate sales and manChoate agement.

Saturday, Sept. 10 Business Fundamentals Workshop: 8 a.m. to 4 p.m. at the U.S. Small Business Administration, 380 E. ParkCenter Blvd., Boise. Information for starting or growing a small business. Presentations by experts in accounting, law, banking and social media. Workshop is held second Saturday of the month. $75. Call 334-1696 or go to

Tuesday, Sept. 13 Idaho Business League After Hours: 4 to 6 p.m. at Office Value, 1300 E. Kalispell, Suite 100, Meridian. Free for members, $10 guests. RSVP by calling 323-4464 or email

WednesdayThursday, Sept. 14-15 Women and Leadership: Empowering Through Knowledge: 7 a.m. to 5 p.m. Wednesday and 7:30

a.m. to 5 p.m. Thursday in the Jordan Ballroom, Student Union Building, Boise State University. Registration from 7 to 9 a.m. Wednesday. $195, includes nine keynote sessions, two networking events, two breakfasts, two lunches, two skill builders, reception. Call 426-3784 or go to

Wednesday, Oct. 12 Boise Metro Chamber’s 133rd Annual Gala Dinner: 6 to 9:15 p.m. at Boise Centre, 850 W. Front St. Featuring Mara Liasson, correspondent for National Public Radio and contributor to Fox News Channel. $100 members, $150 nonmembers. Register at Compiled by Michelle Jenkins. To submit a calendar listing, go to and click on “Add event.” Items must be received at least 10 days before publication. All submissions become the property of the Statesman.


Your Business Community




Idaho State Police honored


Larry H. Miller Subaru Boise has been named a “Best Dealership to Work For” by Automotive News for the third consecutive year. The dealership, at 11196 West Fairview Ave., recently underwent a complete rebuild that included doubling its square footage, adding service bays and adding an urban garden and a dog park.

The city of Caldwell has received an award for obesity prevention. The National League of Cities’ “Let’s Move! Cities, Towns and Counties” recognized Caldwell for healthy eating efforts. Caldwell displayed MyPlate signs in all municipally owned venues that offer or sell food and/or beverages. MyPlate is the USDA’s icon that replaced the food guide pyramid.



Pioneer Federal Credit Union had a grand reopening at the former Cornerstone Credit Union branch at 416 S. Kimball St. in Caldwell. This will be the 14th branch for Pioneer FCU. Idaho Independent Bank received an “outstanding” rating from the Federal Deposit Insurance Corp. for its Community Reinvestment Act performance from January 2013 to March 2016. The law measures banks’ lending, investments, and services to lowand moderate-income neighborhoods and people.


Clearwater Analytics LLC, a software-as-a-service investment accounting and reporting company in Boise, and Welsh, Carson, Anderson & Stowe, a technology-focused private equity firm, have agreed that WCAS will invest in Clearwater Analytics. Clearwater declined to disclose the amount or terms. Clearwater’s existing management team will continue to operate the business as a standalone company. ••• Khamu Solutions has moved its Boise office/headquarters from 1655 W. Fairview Ave., Suite 119, to 1414 W. Bannock St.

Provided by World of Nutrition

Retail: World of Nutrition is Vitamin Retailer magazine’s 2016 Retailer of the Year. The August edition’s cover features co-owners Allison Wear, left, and Kris Wear. The store opened in Karcher Mall in 1977 and recently relocated to 1301 1st St. South in downtown Nampa. WON says it is the largest locally owned health food store in the Treasure Valley. Manufacturing: Portland footwear maker Keen Inc. has partnered with Nampa’s House of Design LLC, a robotics engineering company, to explore ways to improve automated footwear manufacturing with the new Uneek Footwear Robot. Oscar Williamson, of House of Design; Rory Fuerst Jr., Keen’s director of innovation; and Shane Dittrich, of House of Design, work on a robotic cell, or control system, capable of producing a Keen Uneek-brand shoe in half the time of the current process.

The College of Business and Economics at Boise State University recently became a signatory to the United Nations Principles for Responsible Measurement Education to foster responsible management education, research and thought leadership. The U.N. agency aligns with the college’s Responsible Business Initiative, sponsored by Wells Fargo.


Keller Associates, a Meridian engineering firm, has been named to trade publisher PSMJ’s 2016 Circle of Excellence, based on 13 performance metrics for architectural and engineering companies.

Provided by House of Design

Employer Support of the Guard and Reserve, a Department of Defense program, has named the Idaho State Police one of 15 recipients of the Secretary of Defense Employer Support Freedom Award for 2016. Highlights of the Idaho State Police’s support of Guard and Reserve employees: A A service member suffered a concussion during active duty training, and her supervisor worked with the medical board to ensure she was provided everything she needed to help her recover, contributing directly to her successful therapy and eventual return to work. Co-workers donated 80 hours of personal leave after the service member had exhausted her leave during her recovery period. A ISP leaders actively recruit Guard and Reserve members. A The department conducted an online auction to raise funds for an Army National Guard soldier and his military dog, both of whom were wounded in a bomb explosion in Afghanistan. To date, $10,000 has been raised. A Police troopers lined the airstrip with patrol vehicles for the departure of a military employee to Iraq. A One police unit replaced a fence for a deployed service member’s family to help family members feel safer in his absence.





Kristy Algate and Lori Reinke leased 2,207 square feet of office space at 913 W. River St., Suite 400, in Boise. Chrissy Smith and DJ Thompson of Cushman & Wakefield/ Commerce represented the tenant. RMH Co. represented the landlord. Ideal Options leased 1,707 square feet of office space at 4491 Dresden, Suite A, in Garden City. Jen McEntee and Chrissy Smith of Cushman & Wakefield/Commerce handled the transaction. Richmond Solutions leased office space at 1655 Fairview Ave. in Boise. DJ Thompson of Cushman & Wakefield/Commerce handled the transaction. Raise the Bottom Training and Counseling Service leased 1,673 square feet of office space in Teal Place at 9050 W. Barnes Drive in Boise. Karena Gilbert of Thornton Oliver Keller handled the transaction. Catalyst Homes LLC leased 454 square feet of office space at 2404 Bank Drive in Boise. Jen McEntee and Chrissy Smith of Cushman & Wakefield/ Commerce handled the transaction. The Family Medicine Health Center, operated by The Family

handled the transaction. A+ Drain Cleaning and Plumbing LLC leased 1,200 square feet of industrial space in Cortland Business Park at 2200 Cortland Place in Nampa. Dan Minnaert and Devin Pierce of Thornton Oliver Keller handled the transaction. United States Bakery dba Franz Bakery leased 8,868 square feet of industrial space at East Badger Drive in Nampa. Harrison Sawyer, Jake Miller and Dave Winder of Cushman & Wakefield/ Commerce handled the transaction.


Paragon Acquisitions LLC bought 4.65 acres of land at 4330 Overland Road, in Meridian. LeAnn Hume, Andrea Nilson and Sara Shropshire of Cushman & Wakefield/ Commerce handled the transaction.

Asset Sales

Anne Garabedian, CPA, bought the assets of Hemphill & Associates, a sole practitioner accounting firm in Boise. Art Berry and David Berry of Arthur Berry & Co. handled the transaction. Frank Morehouse

bought the assets of Wing Nutz, a restaurant and sports bar in Nampa. Brent Bungard and Randy Limani of Arthur Berry & Co. handled the transaction. Jae Jung of Young Rent Pro LLC purchased the assets of Rent Pro, an equipment rental company in the Treasure Valley. Brent Bungard and Patrick Curtis of Arthur Berry & Co. handled the transaction. Bodovino LLC bought a Meridian liquor license. Brent Bungard and Randy Limani of Arthur Berry & Co. handled the transaction.

Idaho Trust Bank is excited to welcome

Aaron Williamson

Senior V.P. Private Banking and Managing Director, Family Office Services Aaron has been appointed a private banking senior vice-president and managing director of Family Office Services at Idaho Trust. The Family Office Service team delivers specialized experience in banking, trust* and wealth management* for high-net-worth clients whose needs go deeper than simple transactional banking.


Vendor Managed Idaho LLC, which provides logistic services, leased 2,400 square feet of industrial space in The Kendall Center at 5447 Kendall St. in Boise. Chris Pearson of Thornton Oliver Keller


Contact Aaron at: 208.350.2019



Vapor Loft opened a second store and leased 1,165 square feet of retail space at 421 Caldwell Blvd., Suite 103, in Nampa. Bob Mitchell of Thornton Oliver Keller represented the landlord. Holly Chetwood of Thornton Oliver Keller represented the tenant. Boise’s Best Marketplace, which offers vendors selling items from jewelry to pianos, leased 14,750 square feet of retail space in the Five Mile Plaza Shopping Center at 10378 W. Overland Road in Boise. Mark Schlag of Thornton Oliver Keller represented the landlord. Holly Chetwood of Thornton Oliver Keller represented the tenant. Studio 233 Salon & Spa LLC leased 1,298 square feet of retail space at 1545 E. Iron Eagle Drive, Unit 104, in Eagle. Jim Stewart, Dave Winder and Chuck Winder of Cushman & Wakefield/ Commerce represented the landlord. John Bottles of Mark Bottles Real Estate represented the tenant. Maier Chiropractic leased 1,285 square feet of retail space at 1545 Iron Eagle Drive, Suite 103, in Eagle. Jim Stewart, Dave Winder and Chuck Winder of Cushman & Wakefield/ Commerce handled the transaction.

Medicine Residency of Idaho, moved into a newly remodeled building at the corner of Raymond and Emerald streets, at 6565 W. Emerald Street in Boise. Lab services will also be available at the new location and will continue to be provided by Interpath Laboratory. 3M Global Education Inc. leased 1,600 square feet of office space in Ustick Court at 8382 W. Ustick, Suite 100, in Boise. Jen McEntee and Chrissy Smith of Cushman & Wakefield/Commerce handled the transaction. Manpower Group leased 1,929 square feet of office space in the Owyhee Place at 1109 W. Main St., Suite 230, in Boise. Chrissy Smith and Jen McEntee of Cushman & Wakefield/ Commerce represented the tenant. Guy Livingston and Jim Hosac of ICRE represented the landlord. Michael Larsen leased 254 square feet of office space in the Eagle’s Building at 223 N. 6th St., Suite 440, in Boise. Jen McEntee of Cushman & Wakefield/ Commerce handled the transaction.

Commercial Real Estate


Compassionate Business


Can Idaho’s builders of modular homes help with affordable housing?


In earlier columns, we explored how Idaho can meet its massive need for affordable housing. This time, let’s consider two ideas: modular construction and new means of fi-

nancing. Modular or manufactured homes cost roughly half as much as conventional homes and can be built quickly. I’ve snobbishly dismissed this form of shelter as flimsy or unworthy. It serves 18 million Americans having an average income of $30,000. I can’t do that any longer. If you dream as I do of home ownership for Idahoans, many of whom spend as much

as half their income on shelter, we must consider building many units in one place at a low cost. By one estimate, south and south-central Idaho need an additional 10,000 units of affordable housing. They will not be built on the course we are on now. Maybe, however, a longstanding regional industry can expand to meet this challenge. There were once 14 manufactured-home

builders in south and south-central Idaho. Now there are five or six, with at least three building successfully in the oil patch. With oil prices low, they might be looking closer to home, perhaps with a sharper pencil. The most celebrated new homeless house project in the United States this year has been the Star Apartments in Los Angeles. And who built and shipped its main build-

ing components to L.A.? Guerdon Modular Buildings, of Boise. Nashua, Champion and Fleetwood are in the same business and have Idaho factories. Garden City has hundreds of manufactured homes from a previous era, many in bad shape, which are slowly being pushed out. But residents pay about $400 a month to rent their lots and often nearly that much for the dwelling itself. Many could afford to buy and own. That brings us to financing. In neighboring states, mobile park dwellers have formed cooperatives to

buy their developments. There are seven in Montana alone. Nationwide, 10,000 owners have become owners in this fashion. According to the Urban Land Institute, 16 private national housing funds are “delivering significant financial returns” in the affordable-housing space. These efforts show what might be possible in Idaho. Stay tuned. Jerry Brady is a member of Compassionate Boise, a new organization encouraging compassion in all aspects of life.

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Conduct your own small-business marketing audit with these steps


Can your small business (even if it’s new) move up the search engine rankings quickly, even with stiff competition? Yes, definitely. Can you effectively promote your product

Small Business



or service without breaking the bank? Of course. To make those possibilities a reality, you must first know how effective your marketing is currently, and how it should be doing. It all starts with one five-letter word: audit. It’s a word that can strike fear in the hearts of small-business owners. However, when an audit is focused on your company’s marketing, and performed proac-

tively, it can (and should) strike fear in the hearts of your competitors. Like financial audits, marketing audits can provide you with invaluable insights into your company and can have a significant impact on your company’s bottom line. Here are some tips to get yours going: Take your pulse: Gather all sales and marketing documents and reports, including your current marketing plan and budget. Eval-

uate your industry’s current technological and economic climate. Finally, get your latest sales and marketing metrics. Get objective opinions: As was mentioned in last month’s column, speak with current and potential clients, vendors and suppliers — those who could provide greater insights into every aspect of your company’s external brand image. Ask them how you’re doing versus your com-

petitors. Research your internal resources: Obtain feedback from current employees about your business as a whole. What are their perceptions of your company’s image, goals and marketing strategies? Consider having them submit a SWAT (Strengths/Weaknesses/Opportunities/ Threats) matrix to you. Put it all together: Assemble all the information you’ve gathered into separate sections, such as: A Branding A Messaging A Product development A Website A Social media


Multimedia Promotions/events A Lead generation Perform a gap analysis: Based on the above factors, analyze how your marketing is doing now, and how you want it performing in three, six and 12 months. Develop an action plan based on your conclusions. Hint: It’s good to bring in outside, objective business experts who can review your work and give you pointers you hadn’t considered. A A

Eric Cawley is president of Complete Marketing Solutions, Meridian. eric@; 440-6754

Across the globe. Across the country. Across the kitchen table. As you look to protect and grow your wealth, it’s important to work with a firm that has a unique global perspective. Together, we’ll craft your own unique plan and help you achieve it—on your terms. Advice you can trust starts with a conversation.

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Idaho Technology



More investor interest means unprecedented growth for Idaho tech


There’s a familiar pattern in the growth of a region’s technology economy. The tech part comes first, often from colleges and universities or emerging from established companies with large R&D budgets. Those innovations

lead to new companies, and those companies … well, those companies usually leave. It’s true. New companies need two things: funding and experienced management. The biggest venturecapital funds are in places such as the Silicon Valley, Boston and Austin, Texas, and those also happen to be home to more experienced tech executives than just about anywhere else in the world. Because it is often easier to take a new company to a CEO than it is

to persuade the CEO to relocate — and because investors love to keep a close eye on their investments — companies in emerging tech markets often move to established hot spots. Idaho is a textbook example. With organizations such as the Idaho National Laboratory, Boise State University, the University of Idaho, Idaho State University, BYU Idaho, HP, Micron and Simplot, innovation has not been an issue. We have seen tremendous growth in the tech sector across the state

over the past 10 years. But all too often, our tech entrepreneurs have had to search outside the region for capital. That’s changing. Boise today is where Salt Lake City was 15 years ago. That’s a good thing, because all of the tech activity in Salt Lake eventually attracted venture-capital firms (like my own, Sorenson Capital, in Lehi), and Salt Lake became a regional VC hub. Idaho is reaching that same critical mass. Investors are spending more and more time in the state.

We made our first major investment in an Idaho company, Cradlepoint Solutions, last year. Our goal is to invest in at least one per year going forward. All of that activity helps to bridge that executive talent gap. One of the challenges in attracting established tech executives is convincing them that there are alternatives in the community if a job turns out to be less than perfect. That’s becoming less of an issue in Idaho as the number of successful homegrown tech companies rises. Of course, Idaho has been ahead of the curve in talent for some time, thanks to alumni from places such as HP, Mi-

cron and Simplot — men and women who understand the potential for tech-business development in the state. The activity in Idaho is astounding. Boise is at the center of everything, but INL is driving innovation in the eastern part of the state, and some of the most exciting small companies are in the north around Coeur d’Alene. The next step is to work together to better leverage all of these assets. When that happens, there will be no limits to what we can accomplish. Jerry Henley is vice president of marketing with Sorenson Capital, (801) 407-8400.

Idaho Trust Bank is excited to welcome

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Vice President, Private Banking

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Protect Your Assets



If you use iCloud, you’re at risk of being spied upon. Here’s why.


“My ex-wife is spying on me,” my new client began. “She knows where I am 24 hours a day. She somehow got my girlfriend’s contact info, leaves her weird voicemails and always seems to conveniently show up at the same places as me in public.” It was a statement I’d heard — in some form — endless times from an endless number of clients. While each situation had its own set of nuances, the source of the alleged spying was always the same: the client’s smartphone. “I already know she’s tapped my phone,” he continued, punctuating his sentence by firmly placing his new iPhone on my desk. Dylan, my digital forensic examiner, who was present for the meeting, picked it up and quickly flipped through a few menus. “Let’s put this in airplane mode,” Dylan said. “Just in case.” I knew exactly what he was thinking: If the phone was compromised, there was a chance it could be re-

cording our entire meeting. At the very least, if my new client’s phone was indeed infected with spyware, there would be a GPS data point of his visit to our office, sticking out like a stubbed toe to anybody who cared enough to pay attention. “Approximately when was the last time your ex-wife would have been in the same room as your phone?” I asked. Almost all spyware found in domestic cases required that someone have physical access to the phone to install it. If you’re sleeping in the same bed, it’s easy enough to “accidentally” grab the wrong phone from the nightstand during a midnight bathroom visit. “She’s never seen this phone,” he replied. It wasn’t the answer I was expecting. “We haven’t been together in over a year, and I just replaced my iPhone three months ago.” I handed my client the necessary forms to document the chain of custody for his phone, and then turned Dylan loose to take a forensic image of the phone and see what he could find. Two days passed. Our investigation of the phone hadn’t turned up a thing. We manually examined each and every app on the phone, and they all checked

out; there was no spyware present on the device. Without an app installed, how was the data getting out? While there was always the possibility that my client simply had an overactive imagination, that did not seem likely in this case. He cited specific details in private text-message conversations that his ex would bring up when she approached him in public. Something had to be missing. Approaching the situation from a different perspective, we contacted the client and had him bring in any credit-card statements he could find from his final year with his wife. Based on our subsequent conversations, we learned that he suspected that her spying had been going on since long before the divorce. It was a shot in the dark, but at that point we didn’t have much else to go on. “Have you ever heard of TeenSafe?” Dylan asked, breaking the silence as we pored over the client’s bills. Sure enough, a quick Google search revealed that TeenSafe was a service provider aimed at giving parents “protective knowledge” over their teenagers’ phones. Concerned parents could read text messages, check GPS

history, view contacts and engage in other behavior typically found with spyware. But even more fascinating was the method of deployment: TeenSafe did not need to be installed on an iPhone at all. Customers would simply provide TeenSafe with their “child’s” Apple ID and password, and TeenSafe would download the phone’s backup files from iCloud. The service would then simply parse through the backT H E

up files and output all the information to its own web portal. As long as iCloud backups were enabled, TeenSafe would have access to everything passing through the phone. A call to TeenSafe’s tech support confirmed that the phone was indeed registered with our client’s Apple ID and password. We had found our leak. But the implications were concerning: Even without a service such as TeenSafe, simply gaining access to a user’s iCloud would provide a tech-savvy person enough to track their every move. And iCloud accounts are notoriously easy to

answer the passwordrecovery questions for. You simply need the subject’s birthday and the answers to a few questions easily found on social media or known by a spouse. I now insist that all my Apple-loving clients use two-factor authentication on their Apple IDs, especially if they use iCloud backups.




Neal Custer is president of Reveal Digital Forensics & Security, a subsidiary of Custer Agency Inc., and an adjunct professor at Boise State University. Written in collaboration with Dylan Evans, Reveal’s vice president of operations.



Dana Hofstetter


Hawley Troxell welcomes Dana Hofstetter to the firm. Dana specializes in water rights, environmental, public land and real property law. Dana’s experience and knowledge provide an even deeper level of service to our growing client base and more power to Idaho’s premier, full-service law firm. And, as always, our nationally renowned legal services come with a local address.

BOISE / COEUR D’ALENE / IDAHO FALLS / POCATELLO / RENO Call 208.344.6000 or visit



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