Oregon Coast Bank recently reached a major milestone when it was announced that the locally owned and operated bank had surpassed the $1 billion mark in loans. The bank opened in Newport in July 2002 after 100 local families purchased shares to create a community-owned institution to meet the financial needs of coastal families and businesses. In addition to its headquarters in Newport, Oregon Coast Bank now has offices in Tillamook, Pacific City, Lincoln City, Toledo and Waldport.
In the financial sector, $1 billion in loans is considered a major achievement for any bank. To have reached this milestone in less than 20 years is even more significant. The positive impact that Oregon Coast Bank loans have had on the economy of Oregon’s Central Coast cannot be overlooked.
The thousands of local beneficiaries of the bank’s commercial loans include fishers, loggers, dairies, restaurant owners, builders, motel operators, truckers, butchers, retailers, doctors, dentists, artists, contractors, bakers, electricians, printers, heavy equipment operators, 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, renovations, rental properties, education, vehicles, vacations, RVs, debt consolidation, swimming pools, emergency expenses, car 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 CEO of Oregon Coast Bank. “We have experienced lenders in all of our branches who talk 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 to offer competitive rates, but it’s our people who have made Oregon Coast Bank such a popular place to get a loan.
The bank, which currently manages more than $422 million in assets, is committed to continuing its strong lending record. Oregon Coast Bank lending has increased throughout the pandemic.
“All of our staff are proud that we’ve passed the billion-dollar lending milestone,” Nunn notes. “But we are certainly not slowing down our efforts. We continue to issue loans daily and encourage all local families and businesses to consider our services when they need funds.