909 SE Bay Boulevard
PO BOX 2280
Newport, OR 97365
Oregon Coast Bank Adds $37 Million to Local Economy
For Immediate Release
Friday September 8, 2003
Contact: Fred Postlewait
Oregon Coast Bank
Newport, OR – Last year, when more than 125 local investors raised the necessary capital to found Oregon Coast Bank, one of their stated goals was to “fuel the local economy through reinvestment”. After just 14 months of operation, Oregon Coast Bank is clearly meeting that goal.
As of August 31st the bank had made more than 500 loans totaling in excess of $37 million to area families and businesses. “That’s money that’s staying right here in the local economy instead of being sent to a California, Midwest or east coast chain bank,” remarked Fred Postlewait, President and Chief Executive Officer of Oregon Coast Bank.
Included in the $37+ million of local loans was more than $18 million of real estate loans funded through the secondary market. “Essentially, it’s $18 million of new investment in Lincoln County”, explained Postlewait. “That’s money that goes right into the local economy.”
Postlewait expects the bank’s rapid growth to continue. “Being locally owned and operated, we’re able to make banking decisions quicker”,” remarked Postlewait. “Customers notice the difference and seem to appreciate it”.