Southern Oregon Business Journal August 2020 - People's Bank Insert Edition

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August 2020 - Special

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Special Insert - People’s Bank - Transitions in Leadership - Page 4 Oregon Employment and Unemployment During COVID Who Can’t Work From Home During a Global Pandemic?

The Journal for Business in Southern Oregon

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A Few Words from Jim

Contributors Joe Cortright Joe Cortright is President and principal economist of Impresa, a consulting firm specializing in regional economic analysis, innovation and industry clusters. Prior to starting Impresa, Joe served for 12 years as the Executive Officer of the Oregon Legislature’s Trade and Economic Development Committee. jcortright@cityobservatory.org Anna Johnson Senior Economic Analyst at the Oregon Employment Department anna.l.johnson@oregon.gov

Wow, I’m excited for you to check out this month’s issue. It’s huge! It’s like a double issue.

The theme is Employment and Unemployment During COVID. There is also a special section on People’s Bank inside.

Full Disclosure - I Proudly Serve on the People’s Bank Board.

Guy Tauer Regional Economist at the Oregon Employment Department guy.r.tauer@oregon.gov

I wanted to do the special insert on the bank because there are so many changes happening.

Tim Duy Senior Director, Oregon Economic Forum, Professor of Practice Department of Economics, University of Oregon duy@uoregon.edu Nathan Buehler Strategy & Communications Manager - Business Oregon Polly Farrimond Workforce Analyst - Jackson, Josephine, Klamath, and Lake counties polly.a.farrimond@oregon.gov

Check out the article I wrote about Bill Jacobs on Page 54 and let me know what you think about his journey. He recently retired from the bank board of directors after serving for over 22 years. He was the founding board member and I was blown away by his career path before he retired and relocated to Oregon and ended up helping start the bank. When I sent the story to Bill to fact check, he replied that I was a good story teller.

Henry Fields Workforce Analyst - Lane County

I like telling stories about the people I get to meet and work with so you can meet them too. That’s why I became involved with the journal in the first place.

Jason Payton Occupational Economist jason.m.payton@oregon.gov

I had a quick chat with the banks new President, Julia Beattie and I wanted you to get an idea of who she is apart from a press release.

Brandon Schrader Workforce Analyst - Washington County brandon.w.schrader@oregon.gov

I also asked CEO Ken Trautman how he went through the process to find his replacement as president of the bank he co-founded.

Finally, I’d like to thank this months edition sponsor - Energy Trust Of Oregon. Energy Trust of Oregon offers cash incentives to help make energy-saving equipment upgrades more affordable for your business. Check out their ad on page 29.

Founder Greg Henderson ghenderson703@gmail.com Greg started the Southern Oregon Business Journal in 2015 and retired in 2020.

2 | Southern Oregon Business Journal August 2020

Jim Teece Publisher of the Southern Oregon Business Journal Jim@SouthernOregonBusiness.com

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August 2020 - Table of Contents

Inside This Issue This is a Special Edition Reprinted for People’s Bank You can fi nd all the articles from the full edition on SouthernOregonBusiness.com

Proudly Serving Benton, Coos, Curry, Deschutes, Douglas, Jackson, Josephine, Klamath, Lane, Lincoln & Linn Counties

Business Oregon Announces Third Round of Grants to Serve Small Businesses, Along With Millions in New Funding - Page 4 When workers can live anywhere - Page 6

August 2020

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Federal Reserve Themes In The Second Half of 2020 - Page 8 Characteristics of the Covered Unemployed in May 2020 - Page 14 Characteristics of the Covered Unemployed in May 2020 in Jackson and Josephine Counties - Page 20 Working from Home and Broadband Access in Oregon - Page 23 Lane County Lost More Jobs than the State in Recent Recessions - Page 24 How Americans Used Their Stimulus Checks - Page 25 How Buyers In June : Housing Sales Jump - Page 25 2020 Oregon Wage Data - Page 26 Minimum Wage Rises on July 1, Reaching $12.00 per Hour in the Rogue Valley Page 30 Minimum Wage Rises on July 1, Reaching $11.50 per Hour at the South Coast Page 32 Statewide Mask, Face Shield, Face Covering Guidance as of July 24, 2020 - Page 34 What COVID-19 means for energy efficiency in Oregon - Page 37 Who Can’t Work From Home During a Global Pandemic? - Page 38

Special Insert - People’s Bank - Transitions in Leadership - Pages 4 - 16 People’s Bank Prepares For Transition In Executive Leadership - page 4 Meet Julia Beattie - The New President of People’s Bank - Page 6 Choosing your Replacement - Page 8 People’s Bank Promotes Lindsey Trautman To Chief Financial Officer - Page 10 People’s Bank year-to-date Earnings per Share Increase 24% - Page 11 People’s Bank Founding Board Member, Bill Jacobs, Retires From the Board after 22 years of Service. - Page 12

Special Insert - People’s Bank - Transitions in Leadership - Page 46 Oregon Employment and Unemployment During COVID Who Can’t Work From Home During a Global Pandemic?

The Journal for Business in Southern Oregon

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Cover photo of the Executive Leadership Team at People’s Bank Photo Courtesy People’s Bank

BANKING

Special Insert on People’s Bank Disclosure - Southern Oregon Business Journal Publisher Jim Teece Proudly Serves on the People’s Bank Board

People’s Bank Prepares For Transition In Executive Leadership

Back row: (L to R)Steven R. Erb, Chief Strategy Officer, Ken Trautman, Co-Founder / Chief Executive Officer, Bill Stewart, President Steelhead Finance Division, John A. Boyd, Chief Credit Officer

Front Row:(L to R)Julia Beattie, President / Chief Lending Officer, Lindsey Trautman, Chief Financial Officer, Jeri A. Reno, Chief Operating Officer

A

fter more than 20 years, People’s Bank executive management undergoes a transition in leadership due to the recent retirement of the former Chief Financial Officer Russ Milburn and to prepare for the future retirement of its current Chief Executive Officer Ken Trautman, Chief Operating Officer Jeri Reno and Chief

4 | Southern Oregon Business Journal August 2020

Credit Officer John Boyd.

All are located at its corporate branch at 1528 Biddle Road in Medford.

Two recent promotions of Julia Beattie to president and Lindsey Trautman to chief financial officer are significant steps in passing the torch, which has been under Mr. Trautman’s

direction since the bank’s inception in 1998.

“People’s Bank began planning for the retirement of four of our executive officers many years ago and we are very pleased to begin that process with the promotion of both Julia and Lindsey,” commented Ken Trautman, People’s Bank’s CEO. “They

understand the culture of People’s Bank and are prepared for their new positions. We are fortunate to have such smart and talented professionals at the bank who can seamlessly transition into these positions.”

In May, Ms. Trautman took over the position as the bank’s CFO following the retirement of the bank’s former CFO, Russ Milburn, who served since 2007.

Julia Beattie was recently promoted to president and will be working alongside Mr. Trautman who will retain the role of chief executive officer for the bank until his retirement within the next few years.

Ms. Beattie began her banking career in 1991 at Union National Bank of Texas. After moving to Oregon in 1992, she joined the lending team at Western Bank (headquartered in Medford, OR) where she worked until 2000. In 2003 she went to work for South Valley Bank and Trust (headquartered in Klamath Falls, OR) until joining People’s Bank in 2013.

Ms. Beattie graduated from Baylor University with

a Bachelor of Business Administration degree in 1984 and a Master of Business Administration from the University of Texas in 1986. In 2018, she graduated with honors from the Pacific Coast Banking School.

As People’s Bank’s planned CEO successor, Ms. Beattie will work to build on the bank’s past success. “People’s Bank has a five year strategic plan to grow and diversify our bank to continue to be a strong, viable, sustainable community bank supporting local businesses,” she said.

A Rogue Valley native, Ms. Trautman has held various positions at the financial institution including credit analyst, accounting specialist, accountant, and most recently controller before earning the position as chief financial officer.

In 2017, Trautman earned a Financial Managers School certificate from the Graduate School of Banking and University of

Wisconsin. She graduated with honors from the University of Colorado’s Graduate School of Banking in 2014, and received her Bachelor of Science degree, Summa Cum Laude, from Southern Oregon University in management accounting.

Mr. Trautman was founder and president of People’s Bank from 1998 until 2008, when he succeeded as president and CEO, after Mike Sickels retired.

Formerly, Mr. Trautman worked with Western Bank as senior vice president and regional administrator for Southern Oregon, before it was purchased by Washington Mutual in 1996. He has been instrumental in leading People’s Bank from $27 million in assets in 2000 to $494 million at June 30, 2020.

Aligning with the bank’s mission, Mr. Trautman, Ms. Beattie and Ms. Trautman all serve various charitable and community organizations.

Southern Oregon Business Journal August 2020 | 5

BANKING

Special Insert on People’s Bank Disclosure - Southern Oregon Business Journal Publisher Jim Teece Proudly Serves on the People’s Bank Board

Education / Community / Career Timeline 1984 Baylor University - Bachelor of Business Administration with a concentration in Economics and Finance 1986 The University of Texas - Finance MBA 1991 Union National Bank of Texas 1992 Moved to Southern Oregon 1993 Western Bank - Commercial Lending Officer & Branch Manager 1997 Joined the Central Point Rotary (President-Elect 7/21 – 6/22) 2000-2003 Moved to the bay area Ran a Helicopter Company with her husband 2003 Moved back to the Rogue Valley South Valley Bank and Trust 2010 Gordon Elwood Foundation Grant Committee 2012 Gordon Elwood Foundation Board of Trustees currently serving as Chairman of the Board 2013 Peoples Bank - Joined in July - Vice President/Commercial Lending Officer Promoted to Sr. Vice President/Commercial Lending Mgr. September 2013 2017 Mt. Ashland Association Board of Directors 2018 Graduated from Pacific Coast Banking School Promoted to Executive Vice President/Chief Lending Officer 2020 Promoted to President of People’s Bank

6 | Southern Oregon Business Journal August 2020

Meet Julia Beattie - The New President of People’s Bank

Banking is in her Bloodline.

Banking is a significant part of her family’s history.

Her grandfather started Muenster State Bank in Texas in 1923. He was president of the bank for 28 years, her uncle Henry later served as president for several years with his son, her cousin, stepping into the role in 1997. Her father served on the bank board for a number of years and so did her brother.

She is proud of the work the bank has done in the communities they serve and saw first hand as she was growing up how a community bank can make a direct impact not only in the businesses they serve but the larger community as well.

Julia and her husband ran a helicopter company.

From 2000 to 2003, Julia and her husband, Brian, had the opportunity to relocate to the San Fransisco Bay Area and run a helicopter company together.

From this experience, she gained great insight into the stress and pressure small business owners operate under and a deep appreciation for their tenacity and spirit. She attributes her understanding to what a small business owner faces every day to this experience and it helps guide her as she works with business owners today at the bank.

Julia is very involved in the community.

Even prior to joining People’s Bank she was serving on local non-profit boards and continues to serve as a leader on them today. She saw the direct impact her grandfather made in his community service and has carried on the tradition of bringing her skills, talents and passion to organizations that serve everyone in Southern Oregon.

Julia loves Southern Oregon She moved to the Rogue Valley in 1993 from Texas and left only once in 2000 to run a company in the Bay Area with her husband, but they both found their way back in 2003 and have never looked back. She loves the work she does and people she works with. She also loves to ski and hike with her family (daughters Audrey & Elizabeth and son John). She and her husband both feel southern Oregon has been a wonderful place to raise their family.

Southern Oregon Business Journal August 2020 | 7

BANKING

Special Insert on People’s Bank Disclosure - Southern Oregon Business Journal Publisher Jim Teece Proudly Serves on the People’s Bank Board

Choosing your Replacement

Julia Beattie, President / Chief Lending Officer, and Ken Trautman, Co-Founder / Chief Executive Officer

I reached out to Ken Trautman, Co-Founder, CEO and Original President to ask him a couple of questions about the process, what challenges he thinks she will face and what he will be able to focus on now.

JET

8 | Southern Oregon Business Journal August 2020

What brought you to this decision?

It was important to me that we selected an individual for my future replacement

who had the ability to make tough decisions when needed but has an equal amount of compassion to first consider the effect of

those decisions on our employees, our community and our shareholders.

background, she has shown she is willing to make the tough decisions that are sometimes required. She has a great ability to generate, verbalize and then get support of her vision of what needs done to achieve that vision.

She is hard working, considerate and focused, but still able to change direction if the situation calls for it.

What challenges do you think she will face in the near future?

Julia has proven to me that she meets these qualifications completely.

She not only is a good banker with a strong credit

She will be taking over from one of the original founders of the bank, who has had over 22 years to select the people, systems and style that seemed appropriate for that specific time

in the banks history. Julia will need to make changes, and sometimes change can be hard on those who must adhere to it.

She will be leading the bank in a very uncertain time emotionally and economically.

The bank is no longer a little bank, but is growing and changing. Developing her leadership team, as new positions become available, due to retirements, will be fun but challenging.

What is your vision for the bank in the next 5 years now that you can focus 100% on strategy?

The banks strategic plan laid out two primary scenarios over the next 3 to 5 years, continued growth in noninterest income and organic and/or merger growth primarily centered around geographic diversity.

My new position will allow me more time to focus on those opportunities.

Southern Oregon Business Journal August 2020 | 9

BANKING

Special Insert on People’s Bank Disclosure - Southern Oregon Business Journal Publisher Jim Teece Proudly Serves on the People’s Bank Board

People’s Bank Promotes Lindsey Trautman To Chief Financial Officer

Starting as a loan assistant at People’s Bank in 2005, Trautman has held various positions at the financial institution including credit analyst, Lindsey Trautman, EVP/Chief Financial Officer accounting eople’s Bank of specialist, accountant, and Commerce is proud to most recently controller announce the before earning the position promotion of Lindsey as chief financial officer.

Trautman as its chief financial officer at its “Lindsey has been training corporate branch located at for the role for several years 1528 Biddle Road in now,” says Ken Trautman, Medford.

People’s Bank’s president and CEO. “We are fortunate A Rogue Valley native, to have such a smart and Trautman took over the talented professional at the position on May 2, 2020, bank who can seamlessly following the retirement of transition into the position.” the bank’s former CFO, Russ Milburn, who served since 2008.

P

10 | Southern Oregon Business Journal August 2020

Trautman’s dedication to the Rogue Valley community is strong. Among her community service, she is currently secretary for the People’s Bank of Commerce Foundation, a past vice president, treasurer and board member of the Greater Medford Rotary, and D9 Foundation board member and auction chair.

In 2017, Trautman earned a Financial Managers School certificate from the Graduate School of Banking and University of Wisconsin.

She graduated with honors from the University of Colorado’s Graduate School of Banking in 2014, and received her Bachelor of Science degree, Summa Cum Laude, from Southern Oregon University in management accounting.

In her spare time, Trautman enjoys her family, hunting, camping, crafting and reading.

BANKING

Special Insert on People’s Bank Disclosure - Southern Oregon Business Journal Publisher Jim Teece Proudly Serves on the People’s Bank Board

P

eople’s Bank of Commerce (OTCBB: PBCO) announced on 7/22/2020 its financial results for the second quarter and year-to-date 2020.

The bank reported net income of $1,385,000 or $0.39 per basic and diluted share for the second quarter of 2020, compared to net income of $933,000 or $0.30 per share in the same quarter of 2019.

People’s Bank year-to-date Earnings per Share Increase 24%

balance of this year based on the continued low home loan rates.”

loans) to 1.46% at the end of the second quarter 2020, compared to 1.12% for the same period in 2019.”

Provision for Credit Losses Non-Interest Income Mr. Trautman continued, “Credit quality

For the quarter ending June 30, 2020, non-interest income was $2.1 million compared to $1.7 Balance Sheet June 30, 2020 versus June 30, million in the same quarter one 2019: year earlier. For the first half of • Total Loans increased 37%, PPP loans Earnings for the first six months of 2020, non-interest income was accounted for 94.8% of the total increase 2020 totaled $2,496,000 or $0.72 $4.0 million compared to $3.2 • Total Deposits increased 28% per share compared to $1,772,000 million year-to-date in 2019. The or $0.58 per share during the first bank’s Steelhead Finance • Total Assets increased 38% half of 2019.

Division generated $1.8 million • Total Equity increased 30% in non-interest income during Earnings per diluted share for the • Year to Date Return on Average Assets as of the first half of 2020, compared trailing 12 months ending June 30, June 30, 2020 was 1.17% to $2.1 million in the same 2020 were $1.46 per share • Year to Date Return on Average Equity as of period the prior year, a direct compared to $1.21 one year earlier.

June 30, 2020 was 10.88% result of the economic slowdown caused by the CEO’s Comments Income Statement year-to date June 30, 2020 COVID-19 pandemic. This “Total loans and deposits continued versus June 30, 2019: reduction in Steelhead income to grow through the first half of was completely offset by the 2020, at 37% and 28% respectively, significant increase in income • Net-interest Income before the provision for significantly aided by the Paycheck losses increased 9% generated by our Residential Protection Program (PPP),” stated Lending Division, which • Pre-tax income increased 40% Ken Trautman, bank CEO. “The Net produced $1.5 million in Interest Margin experienced • Non-interest Income increased 25% income during the first half of compression in second quarter, • Non-interest Expense decreased 4% 2020 compared to $471 resulting from the bank’s portfolio of thousand in income for the PPP loans originated during the same period last year. quarter with a 1% fixed interest rate,” remains strong with no loans past due explained Trautman. “The bank is also Non-Interest Expense over 90 days or on non-accrual at the end receiving strong income from our For the quarter ending June 30, 2020, of June 2020. Although problem assets residential mortgage lending division. non-interest expense was $3.5 million have not materialized as a result of the Residential mortgage opportunities are compared to $3.8 million in 2019. YearCOVID-19 pandemic, the bank has used expected to continue throughout the to-date non-interest expense totaled $7.3 its strong earnings to build its loan loss million through June 30, 2020, reserve for portfolio loans (excluding PPP Continued on Page 16 Southern Oregon Business Journal August 2020 | 11

BANKING

Special Insert on People’s Bank Disclosure - Southern Oregon Business Journal Publisher Jim Teece Proudly Serves on the People’s Bank Board

People’s Bank Founding Board Member, Bill Jacobs, Retires From the Board after 22 years of Service.

Bill and Carol Jacobs at People's Bank Christmas Party

By Jim Teece

I

remember Bill's last day on the board. We just finished our annual shareholder meeting via zoom, because of the pandemic. We went into a board session after the annual meeting and we each took turns saying something nice about Bill and thanking him for his service. It was very surreal.

12 | Southern Oregon Business Journal August 2020

I’m relatively new to the board and have only had the opportunity to get to know Bill through the board meetings, but I knew there was something more there, than the big smile and how I admired how he ran an efficient board meeting.

I reached out to him afterwards and asked him if I could interview him for the journal and we chatted for over an hour via zoom.

He was born in Glendale, California in 1939 and grew up in Arcadia, California. His family relocated to the San Francisco Bay Area when he was a junior in high school as his dad worked for a public utility corporation.

After high school, Bill attended the local college, Stanford*. He was going to get a medical degree but changed his mind when he

took organic chemistry and graduated instead with a degree in economics and industrial engineering. He met and married Carol in 1961 (Married 59 years in August). He also managed the Stanford Baseball team the same year. He stayed at Stanford and received his Finance MBA with a minor in Marketing and gives his wife credit for putting him through graduate school.

His family eventually relocated back to southern California as his father became CEO of Southern California Gas Company, but Bill stayed in the Bay Area to work for Ford in the Milpitas plant.

At one point during our chat, he explained how much everyone loved cars at the time and that it was just like in the movie, “Ford vs. Ferrari”. I had not watched the movie until after he told me about it, but I could imagine that Bill was one of the white dress shirt, black skinny tie, middle managers that were in many of the Ford office scenes.

Because his father worked for the same company for

44 years, Bill always thought that was what he was going to do, but he was enticed away after 5 years, from Ford and the Bay Area, by a business school friend with a position at a whollyowned, drug store division of the Jewel Tea Company.

He stayed with OSCO drug for 20 years, working his way up to executive vice president and responsible for all of the support services such as buying and distribution. Working in Illinois, he grew with them from 50 stores to over 650 stores in 26 states. The CFO reported directly to him and he managed during a time of extraordinary growth and profit. In the end, he parachuted out during a hostile takeover. That process gave Bill direct insight into the board and shareholders working through the takeover.

He landed at a small housewares startup in Southern California, with another friend from Stanford and after a year realized that he enjoyed the large company environment better.

He jumped at an opportunity to become the CFO of Pic ‘n’ Save, the second-largest retail closeout chain that grew from southern California to the South and Southwest markets before rebranding as MacFrugals and finally consolidating into Big Lots stores.

Bill worked through an internal proxy fight with institutional investors and the board and finally left the company.

He thought about retiring but somehow ended up as the CEO of another company with offices in Illinois and California that was a wholesale distributor of toys and stationery to drug stores like OSCO and Thrifty. He ran that until he wasn’t interested anymore and officially retired to Medford, Oregon.

He used to manage relationships with dealers back in his days with Ford and for a period of time, would fly to Medford and work with them and fly home late Friday. It was Southern Oregon Business Journal August 2020 | 13

during this time that he fell in love with the Rogue Valley. He thought that it was also convenient as both of his children (both of which also attended Stanford) lived on the west coast and Medford was about equidistant to both of them.

Of course, his children no longer live where they lived when he moved here and he laughed as he told me that “you can’t chase your kids” It was during this time of quiet retirement and model railroading, that he met Mike Sickels and Ken Trautman through a mutual acquaintance. They had just left Western Bank as it was acquired by Washington Mutual in 1996 and were looking to form a new kind of community bank. One that was going to be small and nimble and answer the phone with real people.

Bill became the first board member and served on the board for over 22 years. He tells stories of how in the beginning the office was in

14 | Southern Oregon Business Journal August 2020

a basement and how the board members used to take turns buying breakfast during meetings at the local diner. They raised 6 million dollars of local money to start the bank. He laughed at Mike and Ken when they told him they would be in the black in 13 months. He knew from his decades of experience that it takes at least 3 years. He laughed again, this time with them, as they celebrated the first month of profitability, exactly 13 months after they started.

but you can be a leader in everything you do and take experiences forward to each new chapter, and bring the bundle of all of your experiences to a board, of a local business, and make an even bigger impact in life for so many.

I saw Bill again about 6 weeks after our chat, at the company gathering where we surprised the staff with the announcement that the board had selected Julia Beattie as the new president for the bank. (See Page 48 - Meet Julia Beattie - The New President of People’s Bank)

He became chairman of the board after Mike Sickels lost his short battle with cancer in 2016.

Now that he has retired off the board of the bank, he will spend his time on the board at the Manor.

The hour we spent together was a whirlwind of memories. I logged off the meeting with a huge smile and excitement to share his story with all of you. I wanted you to know that your path through life may wander from coast to coast,

When Ken made the announcement, I looked over at Bill. He scanned the park-like setting and took in a deep breath while admiring all the people that ran the bank that he helped start and grabbed his wife's hand and smiled. * When I sent this story to Bill for fact checking he wanted me to know that “Stanford is more than a “local college”. The recent Wall Street Journal ranks Stanford University as the #1 University in the WORLD! It’s students come from all 50 states and a countless number of foreign countries.

This may not be worth correcting, but I thought I would point that out. “ I’m going to miss working with him.

Top: Bill and Carol Jacobs with 2 children & spouses and 6 grandchildren

Bottom: Bill Jacobs in home oďŹƒce.

Right Inset: Bill Jacobs - Manager of Stanford Baseball Team 
 (only one not in uniform)

Southern Oregon Business Journal August 2020 | 15

People’s Bank Earnings from Page 11

compared to $7.6 million in the same period the prior year. Mr. Trautman explained, “The most significant item impacting non-interest expense during 2020 was salary expense, which decreased 5%, the result of operating efficiencies gained by improved digital platforms and centralization of duties, as well as expense offsets recognized from PPP processing fees.”

SouthernOregonBusiness.com

Capital As of June 30, 2020, shareholder’s equity totaled $49 million, compared to $38 million at June 30, 2019. Five million of the increase in shareholder equity was the result of the capital campaign completed in the first quarter of 2020, the balance was supported by bank earnings. The bank’s modified Tier 1 Capital Ratio, which excludes Paycheck Protection Program Liquidity Facility (PPPLF) advances, was 9.82% at the end of the second quarter 2020, compared to 9.61% one year ago.

Tangible Book value per share was $12.70 at June 30, 2020, compared to $10.91 on June 30, 2019.

About People’s Bank of Commerce People’s Bank of Commerce’s stock trades on the over-the-counter market under the symbol PBCO. Additional information about the Bank is available in the investor section of the bank’s website at: www.peoplesbank.bank.

Founded in 1998, People’s Bank of Commerce is the only locally owned and managed community bank in Southern Oregon. People’s Bank of Commerce is a full service bank headquartered in Medford, Oregon with branches in Medford, Ashland, Central Point, Grants Pass and Klamath Falls.

16 | Southern Oregon Business Journal August 2020

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Job Well Done! Bill Jacobs. - Read about Bill’s Amazing Career Path and Celebrate his Retirement after 22 years Service on the People’s Bank Board. - Page 12

“Bill was part of the dream of People’s Bank before we had any employees, before we had a building, before we were authorized to start a bank by FDIC and the State. His determination and confidence got us through the last 22 years which include three recessions, including our current one. He saw the bank grow from our initial investment of $6 million to our current size of $500 million. I would say, job well done, Bill Jacobs.”

— Ken Trautman, Co-Founder / CEO People’s Bank

“In all my time on the Board, I never saw Bill without a smile on his face and a kind word to say. He did an outstanding job as Chair of the PBOC board, always ensuring that every voice was heard. His presence is already missed.”

— Roy Vinyard, People’s Bank Board Chair