December marks the one-year anniversary since Washington Trust Bank, the Northwest’s oldest community bank, opened its first full-service financial center in Vancouver. Since then, Washington Trust Bank has impressively outpaced its initial forecast, noticing substantial momentum and growth within just one year of serving the community, while also forecasting what may come for the region’s financial ecosystem.
To learn more, we sat down and spoke with Erik Selden, a senior vice president and team leader at Washington Trust Bank responsible for overseeing operations in Vancouver. And Southwest Washington. “I’ve been at Washington Trust Bank for three years but have been in the financial arena now for 15 years,” says Selden. “I was hired as the market team lead specifically to develop Southwest Washington and to bring the bank here and begin the process to get things rolling in this territory.”
Selden, a graduate of Portland State University and a local resident for many years, notes how a key factor in his team-building process was to find bankers in the market who had connections and relationships within the community.
“We added small business bankers, underwriting, private banking, growth management, etc.,” says Selden. “We started by working out of Portland until our temporary office was ready in Vancouver. It gave us time to develop relationships, both internally and externally in the area until our branch was officially open.”
So, how did year one go for Selden and his team? “It’s been a great first year,” says Selden. “Vancouver is extremely competitive in the banking world but the thing that has really stood out and helped us is having local decision makers and a community that values having bankers that are empowered locally to act on behalf of their clients.”
Aside from providing lending and banking services, Selden suggests a huge advantage for Washington Trust Bank is having a team willing to work with local business owners and helping them navigate their cashflow cycles with cashflow management banking expertise. “We are here to help these businesses meet their growth expectations and the goals that they have,” says Selden.
Selden also offered insights into some of the lessons he’s learned from Washington Trust Bank’s first year in the region. “Continued exposure is something we’re really working on, letting the market know that we’re not a startup but have actually been around for 120 years,” says Selden. “Promoting our brand and rich legacy is something we’re really trying to vocalize.”
Next, we talked about some of the business migration to the Vancouver area and how Washington Trust Bank plans to capitalize on the opportunities that come with growth. “Clark County continues to attract a lot of entrepreneurs,” says Selden. “We have the ability to help value local businesses internally from inception of the idea all the way through succession.”
Selden then touched on the bank’s strategy when it comes to information gathering, noting how sometimes the old fashioned way is the best way. “One-on-one meetings with leaders in the community is a strategy that has always worked for us,” says Selden. “We try to be outside in different thought groups and working with the chamber, different associations, and really just staying active with a boots on the ground strategy. Also, we do have an internal economist that stays in tune with the local communities that we service, and we try to provide education to our small business owners. Building relationships really drives how we operate.”
Lastly, Selden talked about the future plans and goals for Washington Trust Bank as it pertains to the region and what they hope to accomplish in terms of their own growth. “We’re expanding our commercial team and we’re actively looking to expand our branch footprint here in Clark County,” says Selden. “We’re looking to hopefully open two more locations but the timing will come down to exploring the right spaces, but we’re completely invested in the economy here locally. We want business owners to get on board with the idea that we can also provide advice, getting the message out that we can assist and help plan, prepare, and explore opportunities. The community has been extremely accepting of us, and we just want to continue to be present and involved in any way we can.”
