Loan Activity Brisk at Community Bank in Tillamook Area
For Immediate Release
February 23, 2021
Contact: Joe Postlewait
Oregon Coast Bank
541-265-9000
Tillamook, OR – Although pandemic-related financial woes have been documented throughout America, there have been positive economic signs in Tillamook County. Kayla Magden, who has served as Branch Manager of Oregon Coast Bank’s Tillamook office since August of 2019, recently reported that the bank’s consumer and business lending activity has been brisk.
“PPP (SBA Paycheck Protection Program) loans continue to be vital for local businesses,” points out Magden. “Oregon Coast Bank has completed hundreds of the loans, including dozens in the Tillamook area. That’s kept a lot of folks working and allowed many companies to survive. Best of all, PPP loans have a forgiveness clause that we’ve been able to help our customers obtain.” Current PPP funding is available until the end of March and Magden says that the bank is actively processing many more PPP loans for both existing and new customers.
Efforts by the Federal Reserve Board to stimulate the economy have resulted in usually low interest rates, which many local families and business owners seem to be taking advantage of. Magden, a Tillamook County native, reports that many people are choosing to refinance existing real estate loans to either lower their payments or reduce the length of their mortgages. “Some families and businesses have recently decided to invest in properties because the rates are so low. We’re getting more and more loan requests on a daily basis, which is a good sign for our local economy.”
Local business sectors seeking Oregon Coast Bank financing in recent months have included logging, hospitality, dairy, retail and fishing. “The pandemic and economic restrictions have been challenging for area companies, but local owners continue to invest in their businesses,” comments Magden. “We’re doing everything possible to make those loans a reality and keep our coastal economy healthy.”
Oregon Coast Bank operates offices in Tillamook, Pacific City, Newport, Toledo, Waldport and Lincoln City. Locally owned and operated, the bank manages more than $258 million in assets and has provided over $800 million in loans to Tillamook and Lincoln County families and businesses.
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