Tri-Cities Area Journal of Business • July 2017
BANKING & FINANCE In This Section
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Numerica to open two new Kennewick branches this year BY JESSICA HOEFER
for Tri-Cities Area Journal of Business
Banking & Finance
Northwest Farm Credit Services building $3 million office Page 57
Business Profile
Love the Tri clothing celebrates Tri-City pride Page 60
Numerica Credit Union is opening two new branches in Kennewick this year. The company experienced tremendous growth in 2016, with loans growing by more than $224 million and deposit accounts by more than $175 million. The Spokane-based Numerica, which also serves northern Idaho and the Wenatchee Valley, saw an increase across the region— but especially the Tri-City area. “In the Tri-Cities we saw 28 percent growth pertaining to the loans net of allowance, as well as in deposits,” said Andy Stirling, vice president of Central Washington branches. That’s why Stirling said Numerica is thrilled to provide members with two more branches this year. The 8551 W. Gage Blvd. location will open its doors this summer and construction has already begun at 4898 W. Hildebrand Blvd. near Southridge, which is expected to be complete by early fall. “Additionally, Numerica has expanded our presence in business lending and have staff in a temporary office until we can start a major remodel of our (Kennewick Avenue) branch,” Stirling said. “The remodel, which will begin later this year, will allow for convenient member service in one centralized location.” The Kennewick Avenue branch opened in December 2004 and was the first branch established in the Tri-Cities. It serves as a
Numerica’s Jimmy Rutkowsky helps member Galt Pettett with a banking transaction. Numerica plans to open two new branches in Kennewick this year.
mini-headquarters for the Tri-City region. The Pasco branch opened in 2007 inside the Walmart off of Road 68. In 2010, Numerica merged with School Employees Federal Credit Union (SECU), which helped lead to a presence in Richland. “We have been working on expanding our presence in the Tri-Cities for over five years, adding staff and working on new locations,” Stirling said. “In 2014, Numerica opened a new branch in Richland off of Queensgate. This was the first branch model
Business Profile
CloudSigns.TV programs customizable digitial signs Page 61
in the Tri-Cities which showcased our new branch design.” The color-scheme—lime green and navy—aligns perfectly with the Seahawks, Stirling said. He described the open floor plan as “financial modern.” A lobby manager is present to greet people and direct traffic. Customers can use one of several iPads to log into their accounts and deposit checks if they need to make a quick transaction and don’t need to speak with a teller. uNUMERICA, Page 52
Few lenders bank on churches to finance loans BY MICHELLE DUPLER
for Tri-Cities Area Journal of Business
Around Town
Trios graduating residents take their ceremonial final walk Page 71
HE SAID IT “The most important customer is the one who is in your store right now. They’ve already driven here and chose you.” - Michael Rastovich of CloudSigns.TV Page 61
When the leaders of Columbia Community Church in Richland started planning an expansion, they knew they’d likely have to finance a portion of the $3.2 million construction project. What they didn’t anticipate were the challenges they’d face in obtaining a construction loan at terms within their comfort zone. “At the time, we had a church bank account and ran our finances through Bank of America, but found out they don’t have a lending arm for churches,” said Pastor Mark Barker. As it turns out, that’s fairly common. Many banks don’t lend to churches or other religious institutions for a host of reasons. And those that do are conservative in their lending standards, which can present challenges when a religious institution seeks financing for a construction project or any other purpose. “I think I understand why most banks are hesitant to lend to churches,” Barker said. “A bank would feel horrible having to foreclose on a church.” After researching a few options and comparing terms, Barker and Columbia Community Church inked a deal with Bank of
Bank of the West financed a portion of Columbia Community Church’s $3.2 million construction project at the corner of Gage Boulevard and Bellerive Drive in Richland to add 7,000 square feet of space. The bank has a lending division specializing in religious institutions.
the West, one of the banks with a lending arm that specializes in religious institutions, and one of the few with a presence in the Tri-Cities that works with churches on construction financing. Barker said the bank had some stipulations — like moving the church’s banking to Bank
of the West and having purchase cards for church staff issued through the bank. But the trade-off is that the bank notified the church when the Federal Reserve appeared to be about to raise interest rates and offered to lock the loan in at a lower rate. uLENDERS, Page 50