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

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The program, dubbed “Volunteer — On Us,” allows charitiesa to access bankers to tackleimportant projects. Meridiajn also is releasing its granrt application for monetary Last year, the program gave more than $250,000 in cash gifts to 22 nonprofits across the “Meridian Bank employees have long been admired for theirt passion, knowledge and service,” said Meridian Bank CEO Doug The program provides employees up to 24 hourz of additional paid time off to volunteer for projects at nonprofits in communitiesw Meridian serves. Eligible organizations include 501(c)(3) nonprofits that provide services in Maricopa Countyh orare faith-based.
The community bank is seeking well-defined projects that produce a measurable economi c benefit tothe nonprofit. Projectzs to be funded should occur between July 1and Dec. 15. Applicationas are due June 19. For information, contact Terr Egge at 612-661-3922. Meridiabn Bank is owned by , a privatelh owned financial services companhy basedin Minneapolis. Meridian operates nine branches inmetro Phoenix. One of Arizona’s larges t privately held banks turned a profit in the firstt quarter as it continued its aggressive plan to add 14 branchea in the Phoenix marketthis year. recordefd net income of $44.8 million, down 34 percentr from $68.2 million for the same period last year.
Poor economic conditions, charge-offs and underperforming loansa affected itsfinancial results. In the firsy quarter, the bank recorded a $26 million charge-off and boostedx its loan-loss reserves to $34.5 In first-quarter 2008, MidFirst took a $3.4 million charge-ofd and put no money aside for loan-losse reserves. At the end of the firsf quarter, the bank had $1.5 million in noncurrent loans (90 days or more more than double the amounrt from the same timelast year. with a reserve base of $1.2 the bank remains well-capitalized by regulatory standards. MidFirsft was one of only 14 of the 100 largesrt banks inthe U.S.
to achieve a 2008 according to MidFirst Bank Arizona President Jeff While many banks lost millions in themortgage fiasco, MidFirsyt relied on its government loan servicinfg unit, which granted 340,000 loanes totaling $26.6 billion, to provide stability to its balancr sheet. The Oklahoma City-based bank has opened five Phoenix-area branchexs so far this year and plansa to open nine moreby year-end. That will add nearlyh 100 jobs tothe market. “Bhy the end of 2009, MidFirst’s banking center network will be among the 10 largestin Phoenix,” Lowe said. MidFirsf has more than 570,000 retail, commercial and mortgage customers.