Western Capital Corporation Announces First Dividend
Boise, ID (April 26, 2016) – Western Capital Corporation (WCC), the parent company of Northwest Bank, today declared its first annual dividend of $.04 per share. The dividend will be paid on May 16, 2016 to shareholders of record as of May 1, 2016.
In 2015, WCC achieved record net income of $3.871 million, growing 17% over 2014. Northwest Bank grew its loan portfolio by 18%, compared to 12% growth among all commercial banks in the Federal Reserve Bank’s 12th Region. Total assets grew to $450.4 million, up 7%. Loans and deposits were up across each of the bank’s divisions in Idaho, Oregon and Washington.
“We have the resources to continue growing and to support the business communities we serve. We are optimistic about both the Northwest economy and our bank’s future,” said Steve Wasson, Vice Chairman and Chief Executive Officer. “At the same time it is important to reward our investors who have supported our goal of building a Northwest focused bank committed to exceptional customer service.”
WCC growth continued in the first quarter of 2016, achieving a 13% year over year increase in net income. The Northwest Bank loan portfolio has grown $24.2 million, or 6%, year to date, and had quarterly profits of $1.073 million.
“Northwest Bank’s continued growth is a testament to our business strategy of focusing on helping customers achieve their goals and the experience of our team,” said Jamie Shulman, President & Chief Operating Officer. “We have very deliberately built a diverse customer base, with a commitment to commercial and industrial lending and leveraging our expertise in commercial real estate.”
Northwest Bank, originally known as Western Capital Bank, was started in Boise, ID in March 2008. The name was changed after a merger with Northwest Bank of Oregon in August 2012. In December 2014, Northwest Bank acquired Regal Financial Bank to establish a presence Washington. Northwest Bank focuses on serving small and medium sized companies, professionals, governments and non-profit organizations.
“We are a community bank and committed to serving the specific needs of each of our Northwest markets,” said Wasson, “our customers, and our shareholders, benefit from the investment we have made in building a strong regional institution.”
Contact: Mark Thomas at 206-621-8715 or email@example.com
This communication contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy and other factors. Western Capital Corporation undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.