Horizon Financial Corp. · Bellingham, WA United States ·(NASDAQ (GS): HRZB)
Company Description
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This link will open in a new window Horizon Financial is the holding company for Horizon Bank, which serves Skagit, Snohomish, Pierce, and Whatcom counties along Puget Sound in northwestern Washington. Founded in 1922, the bank offers traditional products and services through more than 25 branches and loan centers. Funds from deposits, such as CDs and checking, savings, and money market accounts, are primarily used to originate loans secured by real estate. Commercial mortgages make up about 25% of the bank's loan portfolio; construction and land development loans are around 40%. Horizon Bank also issues home equity, business, commercial construction, and consumer loans. To read the full description, subscribe now.
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Key Horizon Financial Corp. Financials
| Company Type | Public - NASDAQ (GS): HRZB Headquarters |
| Fiscal Year-End | March |
| 2009 Sales (mil.) | $44.7 |
| 2009 Employees | 265 |
Horizon Financial Corp. Executives
10 executives listed for Horizon Financial Corp.'s Bellingham, WA location.
| Title | Name & Bio | Contact |
| Chairman | V. Lawrence Evans | Network |
| President, CEO, and Director; CEO, Horizon Bank | Richard Jacobson | Network |
| CFO, Horizon Financial and Horizon Bank | Greg Spear | Network |
Competition
Competitive Landscape for Horizon Financial Corp.
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Horizon Financial Corp. Competitors
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