Bank of the West 2008 Annual Report Download - page 15

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13
financings like this, in addition to solid growth among
Midwest food processors, have made Bank of the West
the #3 agribusiness lender in the U.S. with more than
$3 billion in assets.
In the course of selecting a larger bank to replace one
it had outgrown, SAGE Publications saw a real-time
opportunity: the Southern California publisher required
funds for an acquisition. Bank of the West competed
with 10 others and was the only contender able to
respond quickly enough and to lead a syndicate of
banks able to provide full funding. SAGE was able to
complete its planned acquisition on time.
Because 2008 was a year of great volatility
and uncertainty, commercial deposit flows to
the bank included a significant flight to quality.
One multinational customer based in Portland,
for instance, moved more than $125 million
from a national brokerage into Bank of the West money
market accounts when a bank fixed income specialist
created a tiered strategy tailored to their liquidity, risk
and pricing needs. And when CLAAS of America,
subsidiary of a German farm equipment manufacturer,
grew concerned about the soundness of its depository
bank, the company moved to Bank of the West.
The U.S. subsidiary also has an exclusive equipment
financing joint venture with the bank and its parent
BNP Paribas.
When the market in auction rate securities froze up
early in 2008, many hospitals, government agencies
and other nonprofits were suddenly scrambling for
alternative funding sources. Bank of the West moved
quickly to supply short-term funding and initiated
deposit relationships with hospitals in Oregon and
California. Efforts to develop these hospital
relationships further have also proven successful with
fee-based products.
Growing Commercial Capacity
Commercial banking capacity has grown as the bank
expands its geographic footprint. In its largest financ-
ing to date in Minneapolis, the bank delivered a $25
million syndicated credit facility that included a real
estate loan, revolving loans, and a loan guaranteed by
the U. S. Export/Import Bank. Interest rate swaps and
Relationship banking
Teams provide a full range of services from credit to
international trade.