Washington Banking Company · Oak Harbor, WA United States ·(NASDAQ (GS): WBCO)
Company Description
Phone: 360-679-3121
Fax: 360-675-7282
Toll Free: 800-290-6508
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This link will open in a new window Washington Banking is the holding company for Whidbey Island Bank, which serves individuals and businesses through some 20 branches in northwestern Washington's Island, San Juan, Skagit, Snohomish, and Whatcom counties. The bank, established in 1961, offers customers checking, savings, NOW, and money market accounts, as well as CDs and IRAs. It primarily originates commercial mortgages, consumer, and construction loans. To a lesser extent, the bank offers one- to four-family residential mortgages and business loans. Whidbey Island Bank sells investment and insurance products through agreements with third-party providers. Frontier Financial and Washington Banking Company canceled a merger agreement in 2008. To read the full description, subscribe now.
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Key Washington Banking Company Financials
| Company Type | Public - NASDAQ (GS): WBCO Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $44.8 |
| Employees | 283 |
Washington Banking Company Executives
19 executives listed for Washington Banking Company's Oak Harbor, WA location.
| Title | Name & Bio | Contact |
| Chairman, Washington Banking Company and Whidbey Island Bank | Anthony Pickering | Network |
| President and CEO; President and CEO, Whidbey Island Bank | John Wagner | Network |
| EVP and CFO; EVP and CFO, Whidbey Island Bank | Richard Shields | Network |
Competition
Competitive Landscape for Washington Banking Company
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 Washington Banking Company Competitors
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