Everett Bank Raises Additional Capital to Expand Local Business Lending

December 19, 2011

Everett Economy

Mountain Pacific Bank wants to lend money to local businesses.

Everett based Mountain Pacific Bank has announced plans to increase local business lending after raising more than 4 million dollars during the last three months. Mountain Pacific Bank President Mark Duffy tells My Everett News the money comes from investors within Washington State and the Puget Sound region with the goal of helping local businesses grow. “We want to take advantage of being one of the few truly local banks left in this area,” said Duffy. “Our primary focus will be business lending and in the future we’d like to open an SBA lending department.” Duffy says they’ve raised $10.5 million in new capital in the past two years. Mountain Pacific Bank is still operating under a regulatory order issued by the FDIC and DFI back in March of 2009 to raise additional capital and reduce problem assets. Duffy says they hope to be completely out from under that order sometime next year. Mountain Pacific Bank is headquartered in Everett and they have an additional branch in Lynnwood.

About myeverettnews

My Everett News is a hyperlocal news website featuring breaking news and events in Everett, WA. We also cover City of Everett information and items of interest to those who live and work in Everett. It's written by Leland Dart a former Snohomish County based radio reporter born and raised in Everett.

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