Whidbey Island Bank does well
Washington Banking Company, the holding company for Whidbey Island Bank, on Jan. 23 reported that strong lending activities led to record revenues, and a focus on improving operations contributed to record earnings in the fourth quarter of 2001, and for the year.
For the fourth quarter, Whidbey Island Bank’s holding company reported net income more than doubled to $1.2 million. For the year, net income jumped 54 percent to $4.3 million.
“We increased net income 54 percent and grew loans by 25 percent,” said Michal Cann, president and CEO. “We also achieved a 16 percent deposit growth.” In addition, total assets increased 21 percent.
Cann said lower interest rates helped drive up loan demand.
The board of directors declared a cash divident to be paid Feb. 25 of $0.065 per share, the 15th consecutive quarterly cash dividend.
“Increasing our cash dividend for the seventh consecutive year reflects our strong performance in 2001 and positive outlook for 2002,” Cann said. The company is projecting an annual earnings growth rate of 20 to 25 percent in 2002.
Washington Banking Company is based in Oak Harbor. It has 14 full-service branches in Island, Skagit and Whatcom counties.
Federal declares stock dividend
The board of directors of Washington Federal, Inc., parent company of Washington Federal Savings, declared a 10 percent stock dividend to shareholders of record on Feb. 8, to be distributed around Feb. 22.
“This stock dividend reflects the directors’ and mangement’s positive outlook for the future of the company,” said CEO Roy M. Whitehead. The announcement came after a 21 percent increase in the stock price in the past year, he noted.
Washington Federal has 113 offices, including a branch in Oak Harbor.
McGuire takes over in Clinton
Kenny McGuire, assistant manager at Wallgren’s Les Schwab Tire Center in Oak Harbor for the last 10 years, has been named manager of the Les Schwab store at Ken’s Korner in Clinton. He takes over from Marty Hill who left the company in January.
