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    First Independent is becoming Sterling Savings Bank. After 101 years, we realize this is a significant change for our clients, employees and community. We believe it is a very good change and today we simply want to take a moment to tell you what we believe it all means.

     

    First, this transition will involve many evolving details over the coming months. We will continue to share details of this transition right here with you. Second, you can rest assured that the accounts you have with us, the high quality service that you're familiar with, and everything you love about First Independent will remain. Our employees look forward to providing you with the best financial advice and services -- just like they always have.

     

    Selecting the right bank to carry on First Independent’s commitment to community banking and community involvement meant finding an organization that shared our values and beliefs and, most importantly, our focus on  community. That's one of the reasons we're so enthusiastic about partnering with Sterling Savings Bank. Headquartered right here in Washington, Sterling also is focused on giving their clients products and services comparable to what you’d find in a large regional bank – but with the touch of a true community bank. Sterling also has a strong record of supporting its communities through sponsorships, contributions and volunteerism – all things very dear to First Independent.

     

    We’re excited about the opportunities that will come from joining with Sterling Savings.Together, we’re here to celebrate this community. First Independent’s growth is, in large part, thanks to you all and your support of community banking, and for that we are extremely grateful.

     

    Here's to our future together!

  • First Independent Facts

    Chartered: 1910
    Assets: $796,502,000
    Branches: 15
    Employees: 237
    Annual Report, as of 6.30.11

     

    First Independent Background
    First Independent is the largest locally-owned, privately-held financial institution in the Vancouver/Portland metro region.

     
    Ridgefield State Bank, which would become First Independent, was chartered in 1910. In 1936, E.W. Firstenburg joined the bank’s staff and became a shareholder. An industrious young man with a background in teaching, E.W. purchased the bank less than a decade later.

     
    In the decades that followed, First Independent established a reputation for forward-thinking business practices that helped to establish the bank as a leading community bank.  Over the years, First Independent was the first bank in SW Washington to contribute a number of regional innovations that today are industry standards, including offering Certificates of Deposit, banking hours tailored for client convenience, drive-up banking and ATMs.

     
    In addition to growing a prominent family-owned bank, E.W. and his wife, Mary, made notable philanthropic contributions to the SW Washington community. The Firstenburg family has donated more than $30 million to local nonprofit organizations, hospitals and universities. First Independent Bank has made more than $3 million in corporate community donations in the past 10 years.

     
    For 69 years, E.W. continually pushed First Independent forward as the bank’s presence in SW Washington and Oregon grew. He eventually passed the bank’s leadership to his son, Bill Firstenburg, and retired from the board in 2005, though he continued to meet with clients in branches.  E.W. passed away in 2010 at the age of 97, shortly after First Independent celebrated its 100-year anniversary.

     
    E.W.’s legacy of innovation and customer-centric business practices continues today under the leadership of Jeanne Firstenburg, who was appointed president in 2010 after serving as Chief Operating Officer for a number of years. Technological advancements in the early and mid-2000s prompted First Independent to invest in infrastructure and alternative delivery channels in anticipation of changing customer habits. As a result, the bank is able to deliver services significantly more comprehensive and complex than many community banks.  First Independent also built a sophisticated wealth management capability, offering services and expertise more typical of larger institutions. 

     
    Like all banks, First Independent was affected by the 2008 recession.  Rather than take funds from the government, the bank’s family-owned holding company, First Independent Investment Group, infused nearly $50 million of additional capital (a combination of cash and real estate) to stabilize and strengthen the bank during a tumultuous three years.  

     
    Enhancing the effectiveness of its governance and management, growing deposits, reducing expenses and rebalancing the bank’s loan portfolio provided a strong and sound foundation for recovery and beyond. The turnaround for First Independent was marked in January 2011, when the bank issued $15 million in new loan commitments, up from $3 million the previous January. By the end of the third quarter of 2011, First Independent posted more than $9.7 million in earnings.

     
    First Independent has come far from its early history. Today, the bank is an integrated financial services institution with nearly $1 billion in assets. Looking forward, First Independent continues to focus on providing sustainable community-focused financial services by giving clients the power to do their banking how, when and where they want. 

  • Firstenburg Family Philanthropy

    Firstenburg Family Philanthropy
    The Firstenburg family has a long history of philanthropy and community service. Many beloved southwest Washington landmarks bear the Firstenburg name, in honor of the generous donations made by E.W. Firstenburg and his wife, Mary. These include:

    • The Firstenburg Community Center, an innovative, LEED certified 80,000 sq. ft. multi-use facility
    • Firstenburg Fountain at WSU-Vancouver
    • Mary Firstenburg Family Center, a 36,000 sq. ft. facility which allows all of Innovative Services NW programs to be housed in one facility 
    • Firstenburg Commons at WSU-Vancouver
    • Firstenburg Technology Center at the Clark County Skills Center
    • Firstenburg Patient Tower at Southwest Washington Medical Center

     
    Well-known for large, hallmark giving, the Firstenburgs also made countless donations through the decades that support community enhancements such as a donation that completed the expansion and upgrade of Ridgefield High School’s athletic fields. 

     
    E.W. and his wife, Mary, were the first to establish a family fund at the Community Foundation for Southwest Washington shortly after its formation. Their generosity also enabled the launch of the Foundation’s Community Giving Fund, which provides grants that address Southwest Washington’s greatest needs. In 2007, at the Oregon Philanthropy Awards, the Association of Fundraising Professionals and Oregon Business Magazine presented E.W.  and Mary with the Howard and Jean Vollum Award for Lifetime Philanthropic Achievement.

     
    The Firstenburg Family Foundation, formed in 2004, is an extension of E.W. and Mary’s personal legacy. E.W. believed in giving back to the community that was responsible for his success. Forming the foundation ensured E.W. that his legacy of community philanthropy would continue. Each year, the foundation funds projects and initiatives of community non-profits in the SW Washington and the Portland metro area, with a focus on health & human services, education, economic/community development  and arts & culture.
     

    First Independent Corporate and Employee Giving
    First Independent donates funds and makes in-kind contributions each year to local programs within the bank’s giving areas of health and human services, education, economic/community development, and arts & culture. To date in 2011, First Independent has contributed more than $200,000.
     

    Through the Helping Hands program, First Independent employees volunteer their time and monetary resources to local, hands-on projects. Last year First Independent employees volunteered over 12,000 hours and contributed $42,000 dollars.
     

    First Independent is proud to support the following projects and organizations in 2011 through its employee-run Helping Hands community volunteer program and staff events:
     

    • Clark College Foundation
    • Clark County Food Bank
    • Community Foundation of SWW
    • Community Services NW
    • Fort Vancouver National Trust
    • Fort Vancouver Regional Library Foundation
    • Free Clinic of SWW
    • SHARE
    • Legacy Salmon Creek Hospital Foundation
    • Nonprofit Network Southwest Washington 
    • Principal's Checkbook
    • Ready To Give Partnerships:  Evergreen School District, YWCA, Innovative Services Northwest, Columbia Dance and Clark County Food Bank
    • Southwest WA Medical Center Foundation
    • Vancouver School District Foundation
    • Vancouver's Downtown Association
    • Regional Arts and Culture Council, Work For Art (RACC)

     

    First Independent’s leadership team is involved in a wide range of community service activities in Southwest Washington and Oregon.

     

  • First Indepedent Board & Executive Leadership

    First Independent Leadership
    Board of Directors

     
    Bill Firstenburg, Chairman/CEO -
    Bill Firstenburg was president of First Independent Bank for 25 years and has been involved in the Southwest Washington community for more than 40 years. Bill has been very active in banking trade associations including past president of the Washington Bankers Association and past president of the Western Independent Bankers.  He has served on the Southwest Medical Center foundation board, Columbia River Boy Scout counsel and Washington State University Vancouver advisory board.  A member of the JC’s, he has also served as president of the Columbia Business Community for the Arts.  Currently Bill is a board member of Clark County Skills Center Foundation. He is a graduate of University of Washington in Finance and an honors graduate of the Pacific Coast Banking School. 

     
    Bruce Firstenburg -  With more than 40 years in the banking industry, Bruce Firstenburg is  Chairman of the Board of the bank’s holding company, First Independent Investment Group.  He managed the investment portfolio of First Independent Bank for many years. Active in the community, Bruce serves on the board of the Community Foundation for Southwest Washington and the Ft. Vancouver Historical Society. He is a graduate of the University of Washington.

     

    Steve Horenstein - A board member since 2009, Stephen W. Horenstein is a partner with Miller Nash LLP, where he chairs the real estate, land use and environmental practice group.  He joined the firm in 1999 following many years as founding partner of Vancouver-based Horenstein Bremer.  He has practiced law in southwest Washington since 1975 and has been deeply involved in the region’s leading economic development and civic organizations.

     
    Patrick Kelley - Patrick Kelley is a Certified Public Accountant with more than 35 years of experience.  He began his career with one of the largest international firms, Coopers & Lybrand, and went on to become a partner at Moss Adams LLP, the largest accounting firm in the Pacific Northwest.  A specialist in providing public accounting and consulting services to large and mid-sized companies in Oregon, Washington and California, Kelley has dealt with the financial interests of companies at all growth levels.  He joined the First Independent board in 2011.

     
    Ruth Bennett – A board member since 2009, Ruth Bennett is the Bonneville Power Administration’s former Chief Operating Officer.  Respected throughout the region for her combination of operational and managerial leadership and her integrity, Bennett joined BPA in 1973 and for more than 30 years held increasingly responsible positions. Today, she is an energy and real estate consultant serving clients throughout the United States.

     
    Ronald Emmerson - An entrepreneur and corporate business consultant with substantial experience in finance, business development, analysis and management, Ron Emmerson joined the First Independent board in early 2011.  With a degree in economics from Portland State University and an MBA from The George Washington University, Emmerson began his career as a financial analyst for Ford Motor Company.  Over the past 35 years, he has held executive management positions in a variety of organizations including several start-ups. 

     
    Joyce Firstenburg Chiles, Director Emeritus - Joyce Chiles and her husband have traveled the world, devoting their lives to helping people in third world countries, often after devastating events such as earthquakes, wars, famine and disease. They specialize in training people to develop sustainable food sources, set up health facilities and produce marketable goods. Joyce earned her masters’ degree from University of Washington.

     
    Executive Management Team
    Jeanne Firstenburg, President -
    Jeanne was appointed President of First Independent in April, 2010. Previously, she was Executive Vice President and Chief Operating Officer. During her tenure at First Independent, the bank has significantly increased its deposit market share, brand awareness and technology capabilities for online and other remote banking services.  Jeanne joined First Independent in 2002 and has worked in the banking industry for 14 years, including serving as a bank regulator for the Washington State Department of Financial Institutions for a number of years.


    Steve Bernhoft, Chief Financial Officer – A Certified Public Accountant, Steve joined First Independent in 2005 following a 23-year career with Moss Adams LLP, a regional accounting firm.  He was promoted to Chief Financial Officer in 2007.

     
    David Bristol, Chief Legal Officer – Prior to joining First Independent in 2007, David was formerly a partner with the law firm of Miller Nash, LLP in Portland.  During 15 years in private practice, his focus was on banking, mergers and acquisitions, finance and real estate law.  David was instrumental in helping national and community bank clients with strategic business development initiatives.


    Rob Davison, Chief Credit Officer – A 30-year banking veteran, Rob was a Senior Vice President in middle market commercial banking at Bank of America before joining First Independent in 2005.  His first assignment at First Independent was to manage the bank’s Portland commercial banking office before assuming responsibility for commercial and industrial lending and Private Banking bank-wide.  In 2008 he was appointed Senior Credit Administrator and has played a key role in managing credit standards and working with bank staff and clients to resolve credit issues during the tumultuous financial crisis that affected all banks.  He was appointed Chief Credit Officer in early 2011.  

     
    Stacey Graham, Chief Strategy Officer - Stacey joined First Independent in 2005 as Director of Marketing.  She has been instrumental in the award-winning re-branding of the bank, the strategic integration of business lines and the identification of new business opportunities enterprise-wide.  Her 25-year career includes stints as a partner in an Atlanta-based advertising agency and serving as marketing director and then interim president of United Way of the Columbia-Willamette.

     
    Marc Timm, Director of Commercial Banking - Marc has more than 28 years of experience concentrated in lending and risk management for banks in the Pacific Northwest.  He joined First Independent from a local bank, where he was Oregon Regional Manager.  Prior to that, he held market manager positions for Bank of the West and Wells Fargo. 

     
    Renee Newman, Director of Retail Banking – Renee joined First Independent in 2007 as head of the bank’s Cash Management Office.  With more than 18 years of experience in retail, commercial and private banking, she has held increasingly responsible positions at organizations ranging from small community banks to national institutions.

     
    Jennifer Rhoads, Director of Wealth Management – A Vancouver native, Jennifer joined First Independent in 2004 as Senior Financial Advisor in Private Banking. In 2005 she was promoted to Manager of their Advisory & Brokerage Services Group and in 2008 to Director of Wealth Management.  Jennifer has more than 16 years of financial management experience and is a Certified Financial Planner (CFP).


     

  • Frequently Asked Questions

    Customer/Community Impact

    After 100 years of operation and local ownership, why is First Independent’s banking operation being sold? 

    • The Firstenburg family and the board of directors made the difficult decision to sell First Independent’s banking business because they believe it is the best way to ensure that SW Washington has a community-focused bank that can grow with the region. 
    • While the Firstenburg family has invested significantly in the bank over decades, additional outside capital is essential to create a franchise capable of competing in the marketplace.
    • After exploring various options, the family chose to offer First Independent to Sterling Savings Bank, a well-capitalized, Washington-based organization that understands community banking.  

     

    Is First Independent in financial trouble?  Why is the sale happening now?

    • First Independent is a healthy bank. 
    • We posted more than $9.7 million in earnings as of September 30, 2011. 
    • We are the second largest bank in deposits for Clark County, our capital ratio is well above industry standards and we have a high quality loan portfolio. 
    • These attributes made First Independent an attractive purchase for Sterling Savings Bank, which is looking to grow its presence in SW Washington.    

     

    When will the purchase take effect?

    The companies expect the transaction to be completed by March 31, 2012.  In the meantime, it is business as usual for both organizations, their employees and their clients.

     

    Will there be layoffs associated with this change of ownership?  How many?  When?

    Sterling recognizes the value and importance of First Independent relationships with its clients, and the bank will continue to provide clients with the level of service they expect.  We are just beginning our process of working together, so it is too early to say definitively what the long-term impact will be on staffing.  What we can tell you is that Sterling is committed to working with First Independent management and employees in the coming weeks to ensure that the bank will ultimately have a highly capable and effective collective team to serve the clients of this region.  
     
     

    Will the Firstenburg family retain any involvement in the organization?

    Three Firstenburg family members will continue to work in the bank:  Jeanne as Market President, SW Washington,  and Jeff and Scott in their current roles.  The Firstenburg family will continue to be involved in their other family businesses and managing their real estate and loan portfolios.  They will continue to participate on civic boards and as community volunteers. And Bill and Bruce Firstenburg have assured us that the family will continue their long tradition of community philanthropy through the Firstenburg Family Foundation.

     

    Who will be the local leader for the combined (new) bank?

    Jeanne Firstenburg will be the Market President, SW Washington of the newly combined bank.  Her offices will be in the current headquarters building.  The headquarters for Sterling Savings Bank is in Spokane, Washington, and the President and CEO of the bank is Greg Seibly.

     

    How can I learn more about Sterling Savings and how they do business?

    A good starting point is the bank’s website, www.sterlingsavingsbank.com.

     

    How is this change of ownership expected to impact bank products and operations?

    • Families and businesses in our market area will continue to have the option of banking with a community-focused institution.  No one needs to change banks to get the same great service and personal attention they received from First Independent.
    • Like First Independent, Sterling believes in providing all of the products and services of a large regional bank, but with the local, personal touch we provide.
    • Our wealth management clients will continue to enjoy banking and investment management services from their trusted advisors – just under a different name.