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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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