OAK HARBOR, Wash., June 3, 2010 (GLOBE NEWSWIRE) -- Whidbey Island Bank, the operating subsidiary for Washington Banking Company (Nasdaq:WBCO), today announced it has recruited a team of eight banking professionals led by Tim Coulter, a 32-year veteran banker. The professionals making up Coulter's team include commercial loan officers Dave Hajek, Julie Lienhard, Scott Higgins, and Sailesh Kumar; credit analysts Kimberly Love and Kirsten Marino and credit assistant Barb Jeffries.
"Coulter and his team are well-known and highly respected in the greater Snohomish area business community, and we are delighted to offer these banking professionals a new home," said Jack Wagner, President and CEO. "As a strong community bank, we are well positioned to benefit from the opportunities created by the changing face of Northwest banking."
Formerly with Frontier Bank, this eight-person team has worked together for more than a decade focusing on commercial customers throughout Snohomish County. "We wanted to maintain our strong presence in the North Puget Sound area and continue to build our business with a dynamic local bank that had the resources and resolve to grow. Whidbey Island Bank was the clear choice for our group," said Coulter.
Before joining Whidbey Island Bank, Coulter was a Senior Vice President and Team Leader in Everett, where he maintained a top production ranking in Frontier's Cascade region for more than a decade. With over 33 years of banking and finance experience, Coulter has also worked for First Interstate Bank and Rainier Bank. He is a Past President of the Everett Central Lions Club and has served on the Mill Creek and Everett Planning Commissions and the City of Everett Community Housing Improvement Program. Coulter earned a Bachelors degree in Business Administration from Western Washington University and is a graduate of the Pacific Coast Banking School.
Dave Hajek was a Branch Manager and Commercial Loan Officer specializing in infrastructure and heavy construction lending throughout the Puget Sound. With over 23 years of banking experience, Hajek has also worked for Towne Bank, Citizens Banking, Republic Bank, and First of America Bank. Hajek is an honors graduate of Alma College where he earned a Bachelors degree in Business Administration with an emphasis in Finance. He is also an honors graduate of the Pacific Coast Banking School.
Julie Lienhard was a Senior Vice President with Frontier Bank's commercial real estate department and previously the Branch manager of Frontier Bank's main office. She brings more than 30 years of experience in small business lending and commercial real estate lending to Whidbey Island Bank. Lienhard also worked for Citizens Bank, Rainier Bank and Bank of Everett. Lienhard currently serves on the Board of the South Everett Mukilteo Rotary. She has also served on the boards of the Mukilteo Chamber of Commerce, Sherwood Learning Center, Community A & D Center, United Way, Lake Stevens High School Vocational board and is a past President of the Lake Stevens Chamber of Commerce. Lienhard attended Everett Community College and American Institute of Banking.
Scott Higgins is a commercial lender and relationship officer specializing in small business lending in the Snohomish and North King County markets. Higgins has also worked with Coastal Community Bank, Wells Fargo, First Rate Mortgage and Key Bank over his 17 year banking career. A graduate of San Jose State University, Higgins earned his Bachelor of Science in Business Administration and has completed numerous courses with the American Institute of Banking.
Sailesh Kumar is a 22 year veteran banker with expertise in commercial lending and key client relationship management. Kumar has also worked with Washington Mutual and Westpac Bank in the Fiji Islands. He graduated from the Pacific Coast Banking School in Seattle, and has completed certification programs in financial statement and tax return analysis and asset based lending.
Kimberly Love joins Whidbey Island Bank as a credit analyst with 32 years of experience in analyzing and administering commercial loans. Love started her banking career with Bank of America, formerly SeaFirst Bank and has been serving the Everett business community for more than three decades.
Kirsten Marino is a credit analyst with 16 years of experience in loan documentation and support. Marino started her banking career at Wells Fargo. She earned her Associate of Arts and Science Degree from Big Bend Community College.
Barbara Jeffries joins Whidbey Island Bank as a credit assistant with more than 40 years of banking and finance experience. She has worked for First Heritage Bank and Bank of America during her career and is a graduate of the Griffin Murphy Business College.
Members of the new lending team are currently located at the Harbour Pointe branch office located at 11832 Mukilteo Speedway in Mukilteo.
ABOUT WASHINGTON BANKING COMPANY
Washington Banking Company is a bank holding company based in Oak Harbor, Washington, that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers' financial needs. Whidbey Island Bank operates 26 full-service branches located in six counties in Northwestern Washington. In June 2009, Washington Banking was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies.
This news release may contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future events and developments such as the transition of City Bank operations, employees and customers, future operating results, BOLI contributions to revenue, availability of acquisition opportunities, growth in loans and deposits, credit quality and loan losses, and continued success of the Company's business plan. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The words "anticipate," "expect," "will," "believe," and words of similar meaning are intended, in part, to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risk and uncertainty that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company's filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic condition; (2) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislation or regulatory requirements; (5) the ability to realize the efficiencies expected from investment in personnel and infrastructure; and (6) the inability to retain City Bank customers or employees and expenses associated with the integration of acquired City Bank operations. Washington Banking Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.