2008 November Monthly Newsletter

“The Banking Crisis” the effect on our community

November Luncheon:

Our Babies Can’t Wait This month’s luncheon meeting is well-timed, just a couple of weeks ahead of Thansgiving. Rod Webring, Vice-Chair of the United Way Board of Directors and leader of the group’s Community Solutions Team, will address chamber members, quite likely pointing out a way or two that thanks for one’s blessings can be expressed by helping others perhaps a little less blessed. More specifically, Rod plans to address the first initiative from the Community Solutions Team: a program called “Our Babies Can’t Wait.” To find our more call the United Way (783-4102) or—even better—put this upcoming luncheon meeting on your calendar at 11:30AM, Monday, November 10th. And don’t forget to let us know that you’re coming! RSVPs help a great deal!

2008 may be remembered for fiscal ups and downs—particularly for banks— more than politics. Yet the biggest local economic disruption so far this year appears to stem from shifting contracts at Hanford more than the collapse of WaMu or other financial services companies. So with the term “banking crisis” being tossed around the national media, how are local financial institutions doing? Not necessarily bad... Only two banks call the Tri-Cities home—Community First and Bank Reale. Banner Bank and Baker Boyer Bank operate out of Walla Walla. American West and Sterling Savings are from Spokane. The Bank of Whitman is out of Colfax and Spokane and Columbia River Bank answers to an office in The Dalles. Determining value can be dicey... Are the markets right? Does “value” really rise and fall as much as stock prices do? If so, some local banks are “worth”

from 50% down to 5% of their “value” twelve to fifteen months ago. Others have remained stable through the same period. Yet others are not publicly traded and no information is publicly available on them. There are bank rating services available. One is Bauer Financial. (www.bauer financial.com) Here it’s possible to look up almost any bank’s rating on a one-to-five star scale. Local banks rank from five stars down to two stars. www.google.com lists many other ratings services as well. One of the Tri-Cities five-star banks (according to Bauer) is chamber member Community First Bank. Eric Pearson, President of Community First, says that headlines seen in newspapers and on television nationally don’t necessarily reflect the local situation. “We don’t rely on national markets for our Continued, Page 3

NOVEMBER 2008

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A lot to be Thankful for...

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Welcome to November! A few weeks from now we will celebrate Thanksgiving and there is a lot to be thankful for. The Chamber is growing. Our community is growing. And despite the economic uncertainty of recent months, Eastern Washington—and specifically the Tri-Cities—seems to be relatively unaffected compared to other parts of the country. The Pasco Chamber is and should remain a force to create and support business opportunities in the near term and community leaders for years to come. We help to shape our own future as we create leadership opportunities through chamber programs and initiatives. And we all have a part to play in that, not just those who sit on committees… “Helping out” can be as simple as attending a luncheon meeting or a Building Bridges networking meeting. It’s nice to have a growing membership roster. It’s great to see the numbers rising. But for you to really benefit from your chamber membership— and for the chamber to benefit from your membership— involvement, even as simple as showing up, is crucial.

Ryan Brault, President Pasco Chamber of Commerce

I am excited about the growth of our Chamber and even more excited to see how we can be both a voice for business and a positive force in the community. We are helping build bridges between businesses, professionals and community members, improving local quality of life and adding to the opportunities that exist… At our October luncheon Columbia Basin College President Rich Cummins reminded us that we have an incredible resource right here in Pasco. Rich described his vision for the school, with such highlights as a performing arts center that could attract national performers, a state-of-the-art planetarium and the possible addition of an Imax-like theater. Personally, I have a lot for which to be thankful. I don’t stop often enough to acknowledge people for whom I am grateful or opportunities that I have been given. We who are business owners or professionals find it easy to get caught up in hurrying from one task or place to the next, but we need to stop and take a moment to be grateful… to be truly thankful… for all that we have.

Ryan

WORTH MENTIONING

Mike Schwenk of Pacific Northwest National Laboratory has been appointed by the Governor to the Board of Directors for the Washington Technology Center. The Columbia Basin College Foundation received a $5,000 donation from Davidson Companies—a regional investment company­­—to promote the “Don’t Quit” Workshops. The workshops are for those going through rough times. The cover issues of self-esteem, time management, budgeting, career choices, and study skills. Debbierey Bongar, MD, has joined Kadlec Clinic Pasco Primary Care. She is a doctor of Internal Medicine. Clark Jennings and Associates, known regionally for Agricultural and Farming Real Estate, has expanded its Residential

Real Estate business. Watch for blue signposts to sprout up all over the region. Long-time Chamber member and past President John R. (Jack) Williams passed away in September. He served as president in 1969-70. Rudy Pena received first place in the Fiery Food Festival Salsa recipe contest. Washington State University, Tri-Cities has hired Thomas Henich-Kling as Director of the Viticulture and Enology program. Girl Scout Torrie Hildreth made 51 quilts this summer and has donated them to the community. Five are going to Lourdes Health Network.

Members wishing to contribute to this column can email news to [email protected]

2008 - 2009

PASCO CHAMBER

AROUND TOWN

Board of Directors

PRESIDENT RYAN BRAULT Edward Jones 1st VICE-PRESIDENT BENJAMIN BEHEN Lucky Flowers 2nd VICE-PRESIDENT HEIDI ELLERD Kuffel, Hultgrenn, Klashke & Shea PAST PRESIDENT DARRICK DIETRICH Basin Disposal PRESIDENTIAL APPOINTEE DEBBIE BONE-HARRIS Franklin PUD DIRECTORS CARRIE CHAMBERS River Realty GLEN CLIFFORD Clifford Farms GARY CRUTCHFIELD City of Pasco LEONARD HARMS Harms Engineering ANNE KOVIS Allstate WALT NEFF Neff Ranches MELLISA NEFF-HILL Bank of Whitman CHENYN PRESTON-JOHNSON Preston Premium Wines COURTNEY STENSON Pasco School District CRAIG SUTTON BrightWeb Marketing MONICA VAN HOLLEBEKE Simplot Grower Solutions LIAISON MEMBERS DENIS AUSTIN Pasco Police ED BROST Franklin PUD RICK MILLER Franklin County SAUNDRA HILL Pasco School District JIM TOOMEY Port of Pasco JANET WRIGHT Lourdes Health Network TREASURER RONALD J. PERKINS, CPA EXECUTIVE DIRECTOR NIKKI GERDS

Events | Activities | Fun things to do “Gallery Aglow” Art Exhibit and Sale November 5th - 30th, at Allied Arts Gallery, 89 Lee Blvd., Richland. Tri-Cities Visitor and Convention Bureau’s Annual Meeting and Tourism Showcase will be November 6th from 4:00 - 7:00PM at Three Rivers Convention Center. A charity dinner to benefit 2nd Harvest is set for November 6th at the Country Gentleman in Kennewick. Tickets are available at the Chamber office. A charity dinner & auction to benefit St. Patrick’s Catholic School will be held November 8th. For more information or

for tickets, call the school at 547-7261. The Relay For Life of Franklin County kickoff is November 20th, 6:00 - 7:30 PM, at the Bank of Whitman in Pasco. Camerata Musica will perform November 22nd from 8:00 -10:00PM at Central United Protestant Church in Richland. Festival of Trees Family Day comes up on November 29th from 10:00AM to 4:00PM at Three Rivers Convention Center. Stroll through the professionally decorated Christmas trees and have your child’s picture taken with Santa. The event benefits Richland-Kennewick Young Life.

Members wishing to contribute to this column can e-mail news to [email protected]

BANKING CRISIS: The effect on our community, cont’d. . . funding so we’re not directly affected.” He added that there may be some trickle-down effect from the national economy, but the Tri-Cities will feel it less than many places. Dorian Corliss is the CEO of Pasco-based Bank Reale. He says community banks aren’t hurt as much as larger banks by the mortgage mess. “Locally there’s a slight slowdown but homes are still being built, employment rates are good and people are still moving here.” He pointed out that without as big a runup in local home prices in recent years there hasn’t been as big a price correction. Baker Boyer Bank is family owned and operated. It’s one of the oldest banks in the state, with 138 years of history.

It’s also one of Bauer’s five-star rated banks. Megan Clubb— great-great granddaughter of cofounder D.S. Baker—is its President. She says that Eastern Washington is an excellent place to be just now...a strong regional economy, lack of a real estate bubble to fear and a desirable quality of life have staved off the pain that some parts of the country are feeling. Clubb points out that there is a difference between a volatile market and an economic collapse. Despite occasional doomsdaysounding news headlines, much of the economy is actually doing quite well. Despite talk of a credit crunch

there is still money to lend. For many banks—especially those that serve local communities—loan portfolios are solid and earnings are strong. This article will likely be read in early November of 2008, four weeks after it is written. This is the view from here. That view may change as time passes. In fact, one certain thing about economics is that it WILL change. There are cycles within cycles in the worlds of business and economics. But from here, the local economy looks reasonably good—especially when compared to some of the rest of the country.

Pasco Chamber of Commerce

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Building Bridges is a joint project of the Pasco, Hispanic, Hermiston and West Richland Chambers.

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Building Bridges End of the Year Networking Celebration November 12 | 6:00-8:00PM Tagaris Winery 844 Tulip Lane, Richland

Evening Event!

RSVP by calling 547-9755

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11.10.08 Membership Luncheon Pasco Red Lion | Noon Rod Webring Community Solutions program: “Our Babies Can’t Wait” The luncheon is sponsored by:

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Election Day! Your vote counts! 11.04 Executive Committee Meeting Chamber Office | 11:45AM

11.12 Building Bridges Networking Event Tagaris Winery | 6:00-8:00PM

11.08 Tri-Cities Hispanic Chamber of Commerce Luncheon Pasco Red Lion | Noon

11.25 Board of Directors Meeting 1

Booth Building | 11:45AM

Save the Date The Pas co Cha

m PASCO ber presents th e AG SH OW January 6 - 7, 2 009 To rese at TRAC rve spa ce call 547 or sponsor, -9755.

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