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Southwest Washington Bank in Growth Mode

PORTLAND-While it looks for an acquisition that will allow it to open a full-service branch in the state, the Vancouver, WA-based bank opens a commercial lending office here, where it is already active. Heretofore focused on Southwest Washington, the bank also recently expanded into the Seattle area.

By Brian K. Miller | Updated on December 13, 2004

PORTLAND-Privately owned First Independent Bank of Vancouver has opened a commercial lending office here while it looks for an acquisition that will allow it to open full-service offices in the state. The new office, its first in the state, opened last week in 3,300 sf on the 15th floor of the KOIN Center building. It is being run by Adam Moshi, most recently vice president and commercial real estate lender for EverTrust Bank.First Independent Bank chief lending officer Mark Brandon tells GlobeSt.com the bank’s goal is to increase the privately owned bank’s assets from $700 million today to $1.2 billion in the next five to seven years. The bank’s loan portfolio totals about $350 million, of which 90% is commercial. As part of its growth, Brandon says the bank also recently opened a full-service branch in Downtown Bellevue (at 11225 S.E. Sixth) after acquiring the assets of Fortune Services Inc., a Bellevue-based mortgage firm. Prior to its two new locations, First Independent Bank had 23 locations, all in Southwest Washington.Even without an office, First Independent has been active in Portland in recent years, mostly funding condominium developments. Brandon says the bank is currently participating in several CBD condominium projects, both in the Pearl District in Northwest Portland and the South Waterfront area located southeast of Downtown on the Willamette River. Prior to his stint with Evertrust, Moshi was a principal in his own company, Northwest Commercial Mortgage Co. Prior to that, Moshi was a vice president and regional manager for Transwestern Property Co. and a finance officer for Hillman Properties. Astride the commercial loan office in Portland there also is a new First Independent private banking office.

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