Commercial and residential growth in the Valley is measured in dollars and cents at Western National Bank, a locally owned and operated lending agency that is growing just as rapidly as the surrounding communities — maybe more so.
Thanks, in part, to Doug Reynolds, 39, executive vice president, chief credit officer and co-founder of the bank that makes commercial loans primarily to companies in the Valley.
“Arizona and the Valley is booming and so are we,” said Reynolds, who lives in Chandler with his wife, Lisa, a teacher at Rover Elementary School in Tempe, and children, Samantha, 10 and Jason, 9.
Reynolds and his copartners, Bill Hinz, president, and Kevin Kinerk, executive vice president, started Western National on Groundhog Day in 2005 with an initial investment of about $12 million.
It really doesn’t matter much whether the groundhog saw his legendary shadow or not because the $12 million in less than 18 months is now worth more than $100 million and growing.
“By the end of next year, we expect to have more than $200 million in assets,” said Reynolds, whose key role at the bank is primarily to increase its list of borrowers.
Western National, based at 2525 E. Camelback Road in Phoenix, has more than 200 local investors. Reynolds said the bank plans to open more branches in Chandler, Scottsdale and communities in the West Valley.
Reynolds, a native of Odessa, N.Y., moved to Chandler in 1994 and, with six years of banking experience, was hired by the Bank of Arizona.
He met Hinz in 1996 and Kinerk the following year while the three worked at Bank of Arizona.
In 1998, the three decided they wanted to own their own bank, so they started Sunrise Bank of Arizona at 44th Street and East Camelback and about six years later started Western National Bank.
“We’ve been listed as the fastest-growing De Novo or new bank in the country by the Office of Comptroller of the Currency,” Reynolds said.
He said part of the reason for Western National Bank’s success is the rapid population growth in Arizona and the Valley.
“People are moving here and so are their companies, which means the companies are expanding and they need money to expand,” Reynolds said.
One of their biggest borrowing customers are developers and contractors of condominiums that combine both residential and commercial sites.
Rick Niemeyer, owner of Niemeyer Brothers Plumbing Co., is among Western National’s satisfied customers.
“They build a personal relationship with you,” said the commercial plumber. “They’re a first class operation.”
Glen Rodolico, owner of RDC Electrical Corp., echoes the applause.
“Doing business with them is like walking into Cheers — everybody knows your name,” said Rodolico. “Its like a family business.”
His company, which started 25 years ago with $1.5 million in gross revenue, today is earning more than $16 million because of the steady population and construction growth in the Valley.
“Their bank knows all my numbers and, if I need money, I just make a telephone call,” said the electrical equipment supplier.
Thus far, the bank has rejected very few loan applicants and granted financial support to nearly all companies seeking additional funds.
“We don’t try to compete with chain-owned, retail banks but we will offer similar services if our customers ask for it,” Reynolds said.
An unusual kiosk valetbanking service is at the bank’s outdoor patio where, once a month, customers are treated to free lunches during Hot Dog Friday.
Reynolds, who received a degree in economics at Binghamton State University in New York, coaches Little League in Chandler.
FAMILY: Wife, Lisa; children, Jason, 9 and Samantha, 10
BUSINESS: Executive vice president, chief credit officer and co-owner of Western National Bank, a commercial lending agency at 2525 E. Camelback Road, Phoenix
KEY ACHIEVEMENT: In less than 18 months, started a bank with $12 million in capital assets and 10 employees that today has more than $100 million and 30 employees and by 2007-08 expects to have more than $200 million in assets with several more branches
SUCCESS ACHIEVEMENT: Let your clients know they’re not just a number — they’re a name and a face. — Doug Reynolds
INFORMATION: (602) 553-7444 or