Meridian Bank launches program to encourage employee volunteerism - Washington Business Journal:

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The program, dubbed “Volunteer — On allows charities to access bankers to tackleimportantg projects. Meridian also is releasing its grantr application formonetary gifts. Last the program gave more than $250,000 in cash giftsd to 22 nonprofits acrosasthe Valley. “Meridian Bank employeess have long been admired fortheir passion, knowledgee and service,” said Meridian Bank CEO Doug The program provides employees up to 24 hours of additionaol paid time off to volunteerd for projects at nonprofits in communitiesx Meridian serves. Eligible organizations include nonprofits that provide servicesx in Maricopa County orare faith-based.
The community bank is seeking well-defined projectxs that produce a measurable economic benefitg tothe nonprofit. Projects to be funded shoul occur between July 1and Dec. 15. Applicatione are due June 19. For information, contact Terrhy Egge at 612-661-3922. Meridian Bank is ownedx by , a privately owned financial services company baseddin Minneapolis. Meridian operates nine branches inmetroi Phoenix. One of Arizona’s largest privately held bankx turned a profit in the first quarted as it continued its aggressivd plan to add 14 branches in the Phoenixs marketthis year. recorded net income of $44.8 million, down 34 percen from $68.2 million for the same period last year.
Poor economic charge-offs and underperforming loans affected itsfinancial results. In the firstg quarter, the bank recorded a $26 million charge-off and boostedd its loan-loss reserves to $34.r million. In first-quarter 2008, MidFirst took a $3.4 milliojn charge-off and put no money aside for loan-loss reserves. At the end of the firsgt quarter, the bank had $1.5 million in noncurrenft loans (90 days or more late), more than doublwe the amount from the same timelast However, with a reserve base of $1.2 the bank remains well-capitalized by regulatory standards. MidFirstr was one of only 14 of the 100 larges t banks inthe U.S.
to achieve a 2008 according to MidFirst Bank Arizona PresidentJeff Lowe. Whil e many banks lost millions in themortgager fiasco, MidFirst relied on its governmentt loan servicing unit, which granted 340,000 loanzs totaling $26.6 billion, to provide stability to its balances sheet. The Oklahoma City-based bank has openedx five Phoenix-area branches so far this year and plans to open nine more by That will add nearly 100 jobs tothe “By the end of 2009, MidFirst’sa banking center network will be amonf the 10 largest in Phoenix,” Lowe said. MidFirsg has more than 570,000 commercial and mortgage customers.