Agenda - Council - 11/13/2012 - Laserfiche WebLink

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We know that in a slow economy consumer credit can sometimes be hard to find. That's why over the years — through economic ups and downs — we have not faltered in our tried and true model of consumer finance. Our approach starts with putting our customers at the core of what we do, and this proved to be the right approach once again in 2011. In a year when the Mortgage Bankers Association reported lending nationwide declined 37 percent, we increased our mortgage originations, And as the auto industry and consumer spending improved, we were there to help. Our auto loan originations in 2011 increased 27 percent. Prudent lending standards Our prudent and dependable approach to lending meant that through the recent economic downturn we stood by consumers by continuing to provide credit for the purchase of autos, recreational vehicles and boats. When home values declined we stood by our customers by continuing to offer mortgages and home equity lines of credit. Through economic peaks and lulls the Bank of the West approach to all our consumer finance products — credit cards, mortgages, home equity loans, RV, marine and auto loans — has held steady. Now we are growing to further meet the needs of American families. In 2011, we increased by 34 percent the number of mortgage bankers serving our 19-state footprint, For the second consecutive year we originated more than $2 billion in new mortgages so families and individuals could achieve their dreams of homeownership from the banks of the Missouri River to the Malibu coast. We remained the largest RV lender in America in 2011. Our combined auto, RV and boat lending originations grew by more than 12 percent compared to 2010, Our financial strength, which enables us to lend steadily, and our commitment to customer service are valuable assets. Essex Credit Corporation, a Bank subsidiary, is the preferred lender for members of Costco and Sam's Club, as well as other affinity clubs and specialty manufacturers. Commitment to dealerships We took our auto finance expertise into new territories in 2011, adding approved dealerships in Illinois and Texas. And we introduced improved technology so we can now give dealers and their customers swift and accurate decisions on applications — frequently in less than 60 seconds. Our expertise in vehicle finance, combined with our customer focus and financial strength, has allowed us to deepen our banking relationships with many auto, RV and marine dealerships. From New Jersey to Oregon, dealers turn to us to finance their inventory floor plans and provide other financial products and services. Bank of the West has financed autos, RVs, boats, homes and credit card purchases for decades. We are committed to helping consumers achieve their dreams. Our prudent approach to lending met the needs of individuals and families in 2011. And as the economic recovery begins to take hold, we expect to be there for consumers in 2012 and beyond. 17