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 Issues & Answers -- Banking News -- September 2004 Member Profile: Don L. Hirtzel, CEO, First Sound Bank 1. Please provide a brief biography of yourself relative to your banking career, education, etc. Began my banking career 36 years ago in the Midwest and my family and I relocated to the PNW in 1981 working for Rainier Bank. Since that time I have been through 6 major bank mergers (Rainier to Security Pacific to Bank of America to West One to US Bank to First Bank Systems. Joined Pacific NW Bank only to shortly be acquired by Wells Fargo). It was time to take control of my professional life and to influence something that I recognized as a unique opportunity in King County and Seattle specifically. Graduate of the Univ of South Dakota and the Colorado Graduate School of Banking. 2. As the CEO of one Washington State's newest banks, what business philosophies will you and your bank bring to this role? We are a commercial bank with the largest initial capital base of any de novo in the Pacific Northwest having recently raised $20 million in equity in 3-1/2 weeks and we were, in fact, substantially oversubscribed. Our philosophy is to bring banking to the business community of King County focused on companies with annual revenues up to $20MM. We will offer the ability of our clients to access us in a variety of ways which will be very convenient for their every day banking needs. We offer sophisticated cash management and deposit services and credit products delivered by experienced and well known King County bankers with deep local roots. Additionally, we offer banking services to individuals who are demanding quality, responsive bankers with the ability to make local decisions. We do not believe in "credit scoring" relationship business. 3. What made you believe and decide that a community bank was necessary in the Seattle area? With the sale of Pacific Northwest Bank to Wells Fargo, the recent announced closure of the Washington Mutual Commercial Group and the continual consolidation and centralization of the big banks the King County small to medium sized business market will be underserved. With $20MM in capital we will have one of the largest, if not the largest, lending capacities of any of the local banks serving this market. Combined with our experience we will play a significant role in this community for years to come. 4. What are some management trends you see in the coming years? We see continued consolidation of the big banks and their further centralization which will further diminish the "relationships" established in the past at the big houses. Business want access to a reliable source of credit delivered from an experienced, responsive banker. First Sound Bank will provide those resources. 5. Staffing will pose a challenge in the years to come. How will First Sound Bank address this and other industry concerns? We will hire only the best. We will search out, from our connections in this market, the most respected bankers in the area who are motivated to provide the level of service our clients will demand. 6. What are some of the major industry changes you've seen in your career? Consolidation, as I mentioned, and a work force in the large institutions who are generally not pleased with the direction their employers are going. The stock performance of the smaller (less than $500MM in assets), publicly traded community banks has outperformed their larger counterparts significantly over 3, 5 and 10 years. 7. What do you see as the biggest governmental challenge ahead and how do you view the importance of the governmental process? How do you recommend bankers throughout the state get involved in the industry? It is important for the bankers to be connected to their communities to recognize the local issues facing business today. We need to maintain a strong, viable national and local business climate to encourage growth and business expansion without excessive regulation. Simple to say, harder to realize. The expansion (access to capital) of small and medium businesses is critical to our economic well being. 8. Where do you see the banking industry in five or ten years? I see a continuation of the subtle "shift" of the small to medium sized business to locally based sources of capital. I see the large institutions aggressively pursing the consumer business with home equity, internet and bank card campaigns. I see technology becoming increasingly available to small and medium businesses making their banking less reliant on traditional "brick and mortar" branch locations. 9. What people and events have helped shape your banking career? I mentioned the number of bank consolidations I have been involved and have seen customers generally underserved after the consolidation occurs. My desire is to create a local bank that can serve clients who demand a higher level of service without sacrificing accessibility nor responsiveness. The people that have influenced me the most in my 36 year banking career are those that understand that desire and have been conscientious advocates of offering "good" service. Return to article listings Home Contact Us Privacy Policy Terms of Use USA Patriot Act Identity Theft Internet Fraud Prevention
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