Oregon Coast Bank local lending tops $1 billion | Messages
Oregon Coast Bank recently achieved a significant milestone when it was announced that the locally owned and operated bank had surpassed the billion dollar mark in lending. The bank first opened in Newport in July 2002 after 100 local families bought shares to create a community-owned institution to support the financial needs of families and businesses on the coast. In addition to its headquarters in Newport, Oregon Coast Bank now operates offices in Tillamook, Pacific City, Lincoln City, Toledo and Waldport.
In the financial industry, a billion dollar loan is considered a major achievement for any bank. Reaching this milestone in less than 20 years is even more significant. The positive impact that Oregon Coast Bank lending has had on the Oregon Central Coast economy cannot be overlooked.
The thousands of local recipients of the bank’s commercial loans include fishermen, lumberjacks, dairy owners, restaurateurs, contractors, motel operators, truck drivers, butchers, retailers, doctors, dentists, artists, entrepreneurs, bakers, electricians, printers, heavy equipment operators and architects, boat builders, landscapers and many other local businesses that form the backbone of our coastal economy.
Thousands of local families have also benefited from Oregon Coast Bank loans for mortgages, new construction, additions, remodeling, rentals, education, vehicles, vacations, RVs, debt consolidation, swimming pools, emergency spending, auto repairs, medical expenses, major purchases, and for many other purposes.
“We understand that local lending is critical to the communities we serve, and we never forget that fact,” said Lance Nunn, President and Chief Executive Officer of Oregon Coast Bank. “We have experienced lenders in all of our branches who speak face-to-face with existing and new customers every day. They are good listeners who understand individual circumstances and always try to make the approval process as quick and easy as possible. It helps that we offer competitive interest rates, but it’s our people that have made Oregon Coast Bank such a popular place to borrow.”
The bank, which currently has over $422 million in assets under management, is committed to continuing its excellent lending tradition. Oregon Coast Bank lending has increased during the pandemic.
“Our entire workforce is proud that we have passed the $1 billion lending milestone,” Nunn notes. “But we are certainly not slowing down our efforts. We continue to make loans on a daily basis and encourage all local families and businesses to consider our services if they are in need of money.”