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T he P ortland O bserver • O ctober 2, 1996
P age C7
IC W ENT
Northwest First Bank
completes record capitol raising
Northwest First Bank, a new com
mercial bank in organization, com
pleted a record capital raising in ex
cess o f $15 million.
The bank had set an original cap
ital raising target o f $ 10 million min
imum $15 m illion maximum.
Investors number over 330, large
ly from the greater Portland area.
The amount o f capital raised is the
largest by any new northwest bank in
organization according to records
kept by Pacific Crest securities, place
ment agent for the offering.
The strong support from Oregon
investors serves to solidify North-
west First B a n k ’s efforts to form a
bank to serve the financial needs o f
local businesses, professionals and
private banking clients.
“ We expected the Bank to reach
the $15 m illion mark all along and
they did it largely with individual
investors rather than large institu
tional investors. This makes for a
nice mix o f shareholders, potential
customers and referral sources for
Northwest First Bank”, says Pacific
C re st S e c u r itie s an alyst Jim
Bradshaw.
Pleased and impressed by the
broad investor support, Stephen E.
Polzin, CEO ofN orthw est First Bank
states, “ While confident o f our abil
ity to reach $10 million, to exceed
$15 m illion in 60 days is extraordi
narily satisfying and is strong testi
mony to the potential o f out business
plan.
The only disappointment was not
being able to accommodate all o f the
individuals who wanted to invest in
the Bank” .
Hitting the top o f their financial
target allows Northwest First Bank
to be able to make much larger loans
than usual for a start up bank, up to
$1.5 million.
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