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

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The program, dubbed “Volunteer — On Us,” allows charitieas to access bankers to tackleimportantt projects. Meridian also is releasing its granyt application formonetary gifts. Last year, the program gave more than $250,000o in cash gifts to 22 nonprofits acrosesthe Valley. “Meridian Bank employees have long been admirecd fortheir passion, knowledge and service,” said Meridian Bank CEO Doug The program provides employee up to 24 hourx of additional paid time off to volunteee for projects at nonprofits in communities Meridiaj serves. Eligible organizations include 501(c)(3) nonprofits that provide services in Maricopa County orare faith-based.
The community bank is seekinh well-defined projects that produce a measurable economic benefigt tothe nonprofit. Projects to be fundedd should occur between July 1and Dec. 15. Applications are due June 19. For contact Terry Egge at 612-661-3922. Meridiah Bank is owned by , a privately owned financiao services company basedin Minneapolis. Meridian operateas nine branches inmetro Phoenix. One of Arizona’s largestf privately held banks turned a profit in the first quarte r as it continued its aggressive plan to add 14 branches in the Phoenix marketthis year. recordec net income of $44.8 million, down 34 percentg from $68.2 million for the same perioedlast year.
Poor economic charge-offs and underperforming loans affecteed itsfinancial results. In the firsg quarter, the bank recordedd a $26 million charge-off and boostef its loan-loss reserves to $34.5 In first-quarter 2008, MidFirst took a $3.4 million 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 noncurrenf loans (90 days or more more than double the amount from the same timelast However, with a reserve base of $1.2 the bank remains well-capitalized by regulatory standards. MidFirsg was one of only 14 of the 100 largesgt banks inthe U.S. to achieve a 2008 profit, according to MidFirst Bank Arizona PresidentJeff Lowe.
Whilse many banks lost millions in the mortgage MidFirst relied on its government loan servicing whichgranted 340,000 loans totaling $26.6 to provide stability to its balanced sheet. The Oklahoma City-based bank has opened five Phoenix-arez branches so far this year and plans to open nine more by That will add nearly 100 jobs tothe “By the end of MidFirst’s banking center networok will be among the 10 largest in Lowe said. MidFirst has more than 570,000 retail, commerciaol and mortgage customers.