Home >> Daily Dose >> SaviBank Debuts Mortgage Lending Division
Print This Post Print This Post

SaviBank Debuts Mortgage Lending Division

Lending

SaviBank, a $388 million-asset bank headquartered in Burlington, Washington, has announced the formation of a mortgage lending division.

“Lending policies and marketing strategies have been developed specifically for this segment. With a methodical, long-term approach, we believe we will be successful in growing a meaningful mortgage lending division for the bank,” said Michal D. Cann, Chairman of SaviBank.

The bank named Drew Wilkens as SVP and Mortgage Department Manager for the new division. Wilkens was previously EVP at Bank of the Pacific and is scheduled to graduate with his Master’s in Business Administration from Western Washington University later this year.

“After exploring opportunities to enter the mortgage lending market, we are excited to announce that we have brought in a team of seasoned, qualified bankers to establish a mortgage lending division,” added Cann. “Wilkens is a proven leader, critical thinker and strategic planner, and has over 17 years of banking and mortgage experience in the Pacific Northwest.”

"I am extremely pleased to join such an exciting, growing bank,” said Wilkens. “With our team of talented mortgage lending professionals, and their knowledge of the Pacific Northwest, we are confident we can produce strong results and increase the bank’s future earning power.”

SaviBank launched April 11, 2005, and has nine branch locations in and around Washington’s Skagit, Island, and Whatcom counties. The new mortgage division will be a new revenue stream for when the bank’s holding company, Savi Financial Corp., which is undergoing financial challenges related to the coronavirus pandemic.

For the third quarter 2020, the company reported $236,000 in earnings, compared to $353,000 in the third quarter of 2019. For the first nine months of 2020, Savi reported net income of $860,000, down from $1.26 million in the same period one year earlier.

While Cann noted the company’s total revenue increased by 13% to $3.61 million in the third quarter, he added that Savi “recorded a higher provision for loan losses during the third quarter based on the impact of the pandemic on our Northwest Washington markets. As a result, we added $869,000 to our loan loss reserves over the last three quarters, bringing our allowance to loan losses, excluding SBA guaranteed Paycheck Protection Program loans, to 1.24% as a percentage of total loans.”

About Author: Phil Hall

Phil Hall is a former United Nations-based reporter for Fairchild Broadcast News, the author of nine books, the host of the award-winning SoundCloud podcast "The Online Movie Show," co-host of the award-winning WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog and Profit Confidential. His real estate finance writing has been published in the ABA Banking Journal, Secondary Marketing Executive, Servicing Management, MortgageOrb, Progress in Lending, National Mortgage Professional, Mortgage Professional America, Canadian Mortgage Professional, Mortgage Professional News, Mortgage Broker News and HousingWire.
x

Check Also

Home Prices Continue to Rise Nationwide

S&P CoreLogic Case-Shiller Indices found an annual price gain of nearly 20% in September 2021, driven by a continued lack of inventory and the return of bidding wars.

Subscribe to MDaily

MReport is here for you to stay on top of important developments in the mortgage marketplace. To begin receiving each day’s top news, market information, and breaking news updates, absolutely free of cost, simply enter your email address below.