The Bellingham Business Journal
Peoples Bank announced strong performance and a profitable first half of 2009. The bank reports assets of $1.1 billion and a year-to-date after tax profit of $1,602,758. The bank’s growth has been fueled by continued strong core-deposit growth while profitability has been driven by strong demand for home loans.
During the first six months of 2009, Peoples Bank has extended $54 million in new loans and commitments to businesses. During the same period, the bank also funded $340 million in home loans. Since June 2008 total loans outstanding have grown 11 percent.
Deposit growth, the bank’s primary source of funds for banking operations, remained solid. Year-over-year the bank grew total deposits by 24.1 percent to $1.04 billion. The bank also has no brokered deposits.
“Since 1921, customers have depended on Peoples Bank to help them make wise decisions regarding their finances,” said Charles LeCocq, president and CEO in a press release. “Now more than ever we’re driven to responsibly meet the needs of local businesses and families in the communities we serve.”
Peoples Bank is a family owned and operated, independent community bank. Headquartered in Lynden, Wash., the bank was founded in 1921 and operates 28 branches throughout Washington.