Bank of the West 2007 Annual Report Download - page 16

National Finance We help customers finance their dreams
of home ownership, higher education, perfect
vacations and personal assets
At Bank of the West, consumer finance is all about
helping people fulfill their dreams. We help people buy
homes. Our home equity loans and lines of credit allow
growing families to add bedrooms and remodel kitchens.
We provide financing for new cars. We fund college
educations. Vacationers across the country tour the road-
ways and waterways of the nation, thanks to loans from
our specialized unit for financing recreational vehicles and
pleasure boats.
Our team of dedicated mortgage lenders originated more
than $1 billion in home mortgages in 2007. We have a
tradition of responsible lending that our customers
appreciate, particularly during times of upheaval in the
housing market. While others in the industry were scaling
back in 2007 because of unwise lending practices in the
past, we continued to grow and help our customers
enjoy the American dream of homeownership. At Bank
of the West we hold our mortgage loans in our portfolio,
choosing not to sell our customers’ mortgages to third
parties. Mortgage banking for us is yet another part of
relationship banking. Those who come to Bank of the
West for a home loan get not only a mortgage, but also
a long-term relationship with a bank that is solid and
dependable. We have a complete product set available to
customers who are ready to be homeowners.
Bank of the West is also growing its home equity lending,
helping customers finance home improvements, enjoy
vacations and pay down other debts. We originated $1.75
billion in direct consumer loans and lines of credit in 2007,
a 5% increase from originations in 2006. We redoubled
our efforts to service our wealthier clients through a new
fulfillment center focused on Private Banking.
Bank of the West, through its specialized direct lending
unit Essex Credit Corp., is a leader in helping customers
enjoy two great American pastimes – RVing and boating.
Reflecting our competitive loan pricing and the attention
and service that we provide to 3,000 dealerships in all
50 states and Puerto Rico, Bank of the West garnered the
No. 1 market share in RV lending in the third quarter
of 2007. We are also a leading provider of financing
for pleasure boats, and in our effort to satisfy the diverse
group of boating enthusiasts we even offer a unique
financing program for antique and vintage boats.
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