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Company Description

Contact Info

1498 Pacific Avenue

Tacoma, WA 98402

United States

Phone: 253-926-4000

Fax:

Rainier Pacific Financial Group, Inc. operates as the holding company for Rainier Pacific Savings Bank, which provides various banking services. The company offers consumers an array of deposit and loan services through Rainier Pacific Bank and offer automobile and homeowners' insurance, financial planning, and non-federally insured mutual fund and investment services through two operating units of the company doing business as Rainier Pacific Insurance Services and Rainier Pacific Financial Services. It also provides deposit and loan services to small businesses, and local builders of single-family residential homes in its local markets. Market Area As of December 31, 2008, the company operated a retail network of 14 branches throughout the Tacoma-Pierce County market and the City of Federal Way, with its corporate office located in the central business district of downtown Tacoma. Lending Activities The company focuses its lending activities primarily on generating five or more family residential (multi-family) and commercial real estate loans, loans secured by owner occupied one- to four-family residences, real estate construction and land loans, consumer loans, and commercial loans for small businesses. It offers various secured and unsecured consumer loan products, including direct and indirect auto loans, deposit secured loans, unsecured personal loans, VISA lines of credit, and home equity loans and lines of credit. It focuses on originating multi-family and commercial real estate loans on properties located primarily in the Puget Sound region of Western Washington. It offers real estate construction and land loans secured by single-family residential properties to consumers and local builders. Residential One- to Four-Family Lending: Residential mortgage loans are primarily made on owner-occupied properties within the Pierce and South King County markets. It originates a limited number of jumbo fixed- and adjustable-rate single-family loans. Multi-Family and Commercial Real Estate Lending: The company originates multi-family and commercial real estate loans. It pursues’ multi-family and commercial real estate loans located in the Puget Sound region of Washington State. Commercial and multi-family real estate loans include investment or owner-occupied office and medical buildings, retail shopping centers, mini-storage facilities, warehouse facilities, and apartment buildings and complexes. Real Estate Construction and Land Loans: The company originates real estate construction and land loans primarily in the Pierce, Thurston, and King County market areas with custom residential construction all-in-one, residential speculative construction, single-family land acquisition and development, and lot inventory loans to builders and developers. It originates undeveloped land loans to local contractors and developers for the purpose of holding the land for future development. The company also makes construction loans for commercial and multi-family development projects. These projects include multi-family, apartment, retail, office/warehouse, and office buildings. Consumer Lending: The company’s consumer installment loans, such as auto, boats, recreational, home equity, and personal loans, are generally offered on a fixed-rate basis, while VISA, unsecured personal lines of credit, and home equity lines of credit are principally offered on a variable rate basis. These loans consist primarily of indirect auto loans and include indirect loans on recreational vehicles and boats. Commercial Business Lending: The company provides commercial business loans. Investment Activities As of December 31, 2008, the company’s investment portfolio included federal home loan bank stock, trust preferred CDO securities, U.S. Government mortgage-backed securities, and municipal bonds. Deposits: The company offers deposit instruments, such as checking accounts, money market accounts, savings accounts, and certificates of deposit. Competition The company’s major competitors include Columbia Bank, Key Bank, Bank of America, Washington Mutual - Chase, and Wells Fargo Bank. History Rainier Pacific Financial Group, Inc. was founded in 1932.

 

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