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2005 Annual Report
37
104
80
66
Encircled numbers:
San Francisco Bay Area
Los Angeles & Orange Counties
Metropolitan Denver
Greater Omaha
Bank of the West brand
The distinctive Bank of the West bear represents
the strength of a solid financial institution in the
great American West. Our bear brand signifies our
Western heritage and the entrepreneurial spirit of
the region.
Arizona
23 banking locations
North Dakota
9 banking locations
California
Oklahoma
2 Letter from the Chairman
Colorado
Oregon
4
Idaho
3 banking locations
South Dakota
10 Small Business Banking
Iowa
Utah
6 banking locations
12 Consumer Banking Services
Kansas
Washington
9 banking locations
15 Supporting our Communities
Minnesota
Wisconsin
4 banking locations
18 Executive Management
Committee
Missouri
Wyoming
Nebraska
Nevada
New Mexico
Map represents full
service branches,
limited service locations,
business banking centers,
agribusiness and
commercial offices
Table of Contents
Company Overview
6 Corporate Banking Services
19 Senior Management
Committee
20 Board of Directors
Financial Highlights
2004
2003
$ 1,413,239
$ 1,156,774
$ 1,094,129
Total noninterest income
395,514
287,590
245,787
Total noninterest expense
941,015
721,379
631,680
Net income
525,661
419,027
390,866
1.23%
1.31%
1.44%
Total assets
55,157,645
40,170,606
29,300,245
Total loans and leases
37,744,452
27,234,728
20,723,250
Total deposits
33,901,911
26,006,520
19,372,179
8,331,286
6,733,971
4,834,984
10.79%
12.41%
12.94%
Stockholder’s equity
02
03
04
05
03
04
02
$27,235
$419,027
$19,092
$312,914
05
$390,866
$33,902
02
$19,372
$17,919
$29,300
$26,050
$40,171
$26,007
$55,158
Total risk based capital ratio
$37,744
Return on average assets
03
04
05
02
$20,723
Net interest income
$525,661
2005
(dollar amounts in thousands)
03
04
05
Total Assets
Total Deposits
Net Income
Total Loans and Leases
(dollars in millions)
(dollars in thousands)
1
Letter from the Chairman
Strong Earnings Growth
Through these acquisitions, coupled
with strong organic growth, Bank of the
West was able to offset the impact of
industry-wide margin compression and
produce double digit earnings growth in
2005. Net income for 2005 was $525.7
million, a 25% increase from net income
of $419.0 million generated in 2004.
We also experienced strong balance
sheet growth during the year. Total as-
2
sets increased by 37%, from $40.2 billion
at year-end 2004, to $55.2 billion at yearend 2005. Loans and leases increased
The last fifteen months have been a peri-
of Community First marked our en-
od of very strong growth and expansion
trance to ten Rocky Mountain and
for Bank of the West. From the fourth
Midwestern states.
quarter of 2004, through December of
2005, we completed a series of acqui-
•
sitions which dramatically increased
our presence in the Western U.S. and
introduced the Bank of the West brand
to the Rocky Mountain and Great Plains
states. Bank of the West ended 2005
39% to end 2005 at $37.7 billion, and
deposits grew by 30% to end the year
at $33.9 billion.
In January, 2005 we converted 16-
Growing Our Business
branch, Stockton, California-based
Bank of the West now provides a full
Union Safe Deposit Bank. This ac-
range of consumer banking prod-
quisition added to Bank of the West’s
ucts and services through 681 branch
presence in the rapidly growing Cen-
banking locations in 19 Western and
tral Valley region of California.
Midwestern states, as well as small
business and corporate banking ser-
In December of 2005, we acquired
vices through dozens of banking offices
in the country, and as the second largest
Commercial Federal Bank, a federal
located throughout our service area.
bank headquartered in California. We
savings bank headquartered in Oma-
As we have grown, we have remained
also acquired material market share in
ha, Nebraska. With $10.0 billion in
focused on preserving the high level of
Wyoming and Colorado where we rank
assets and 204 banking locations, the
customer service which has character-
third and fourth respectively.
acquisition of Commercial Federal
ized Bank of the West since its incep-
strengthened our market presence
tion in 1874.
among the 25 largest commercial banks
Growth and Expansion
•
In November of 2004, we acquired
Fargo, North Dakota-headquartered
Community First Bank. With 166
banking locations, the acquisition
•
in Nebraska, Arizona, Colorado and
Iowa as it served to introduce the
Bank of the West “Bear” to Kansas,
Oklahoma and Missouri.
When asked what defines our brand, we
ments and contributions to individuals,
Our Service Philosophy
like to say it’s about “Getting Bigger by
businesses and non-profit organiza-
In a world of high technology, Bank of
Acting Smaller.” You will still find the
tions in lower-income communities.
the West has both harnessed that tech-
phone number of each of our branches
To date, we have achieved in excess of
nology and also retained a personalized,
in your local directory.
75% of this goal. In 2005, we revisited
high touch approach to banking. We
this commitment in the context of our
put our customers’ interest foremost
recent growth and increased the goal
and treat them as we wish to be treated
to $75 billion by 2015.
by a service business — with friendly
As Bank of the West has grown, our
organizational structure has evolved
with the objective of maintaining a
respect, courteous service and quality
relationship focus with our clients by
At Bank of the West, we believe we
vesting local decision-making authority
have an important role to play in the
with their banker. We have also worked
development and growth of the com-
Our service culture, our values and
very hard to ensure that all our products
munities in which we live and work.
the employees who embody them
and services are available from across
This belief extends to our support of im-
make Bank of the West a strong and
the organization to each client. We be-
portant community events, whether it’s
successful, high-performance organi-
lieve in relationship banking.
Frontier Days in Cheyenne, Celebrates
zation. Without the 11,000 employees
America in Omaha, Parade of Lights in
who energize this bank, there would
Denver, Albuquerque International Bal-
be no Bank of the West, and to them
loon Fiesta, or our sponsorship of the
I extend my heartfelt thanks.
Commitment to Community
The impact on any community in which
an acquired bank is headquartered can
be significant. We are aware of this,
and with each acquisition we make,
our goal is to minimize this impact. In
Bank of the West Classic, the longest
running tournament in professional
women’s tennis.
the three acquisitions discussed earlier,
Into the Future
we retained essentially all branch per-
Looking into 2006, we anticipate infill
sonnel. In addition, in both Fargo and
growth in our current markets through
Omaha, we have established regional
further acquisitions, as opportunities
headquarters and company-wide op-
present themselves, and through con-
erational support centers that employ
struction of approximately 20 new
a large number of former Community
branches in areas where we can en-
First and Commercial Federal staff. We
hance client coverage. Our appetite for
look forward to expanding these opera-
growth is fully supported by our share-
tions as we continue to grow Bank of
holder BNP Paribas, which has invested
the West.
substantially in the Bank of the West
In 2002, Bank of the West established a
ten year goal to provide $30 billion in
financial support through loans, invest-
products and services.
network and brand, and in our holding
company, BancWest Corporation.
Don J. McGrath
Chairman and CEO
3
Company Overview
4
Bank of the West began as a community bank in Northern California more than 130 years ago.
Through internal growth and acquisitions, the bank’s footprint has widened from communities in the
San Francisco Bay Area throughout the state and beyond. Above, our San Francisco main branch.
At Bank of the West, we believe that
Through more than 680 branch banking
tate, construction, churches, health
our personalized, high touch approach
locations in 19 states, we serve 4 mil-
care providers and financial institu-
to building, sustaining and servicing
lion business and household accounts
tions. Our services for commercial
customer relationships is what makes
in Arizona, California, Colorado, Idaho,
customers include capital markets,
our brand of banking so distinctive.
Iowa, Kansas, Minnesota, Missouri,
cash management, equipment leasing,
Nebraska, Nevada, New Mexico, North
foreign exchange, loan syndication and
Dakota, Oklahoma, Oregon, South
trade finance.
With assets of $55 billion and deposits
of $33.9 billion, Bank of the West is the
second largest bank headquartered in
California, the third largest commercial
Dakota, Utah, Washington, Wisconsin,
and Wyoming.
In the small business arena, we provide
not only deposit and credit products,
bank headquartered in the West and
Bank of the West offers a full range of
but also SBA loans, equipment leas-
among the top 25 commercial banks in
banking and financial services through
ing, merchant services and most of
the United States. Bank of the West is a
multiple channels for corporations,
the same specialty services available
subsidiary of BancWest Corporation, part
small businesses and individual
to larger companies.
of the BNP Paribas global network.
customers.
We serve individual customers with a
We also offer products and services
full range of products, from checking
specifically designed for the needs
and savings accounts to consumer
of specialized businesses such as
loans, mortgage financing, insurance,
agribusiness, commercial real es-
trust and investment services.
Company Overview
5
In the past twenty years, fifteen acquisitions have expanded Bank of the West into a 19-state regional
banking network. Above, our Omaha business park is one of four support centers, in addition to
offices in Walnut Creek and Monterey Park, CA, and Fargo, ND. Right, our Larkspur, CA branch.
Bank of the West was founded as Farmers National Gold Bank in San Jose,
California in 1874. More than 130
years later, the bank has grown and
expanded into a regional commercial
bank with banking locations throughout the West and Midwest.
We offer the convenience, expertise
and product diversity of the largest
banks, with the personalized service
associated with the community bank
heritage from which we’ve grown.
Bank of the West is committed to maintaining a personal scale, where exceptional service continues to be the rule
and the value we provide continues to
benefit each of our customers.
Acquisitions in 2004 and 2005 introduced Bank of the West to the Rocky Mountain
states and the Midwest. Above, our Jackson, WY branch.
Corporate Banking Services
6
Vineyards and wineries are the focus of the Vintage Wine Trust, a unique Bay Area REIT
that leases back acquired properties to growers and vintners. Bank of the West leads a
large syndicated credit for Vintage Wine Trust and provides other banking services.
In corporate banking, our focus at Bank
Bank of the West in 2005 became the
responsibility in the administration
of the West is to build, sustain and
lead bank in a 13-bank consortium to
and servicing of the loan. Extending
serve commercial business relation-
underwrite the nation’s first real estate
the relationship, Bank of the West is
ships. Each relationship we develop
investment trust (REIT) focused on the
providing Vintage Wine Trust with
with a corporate client is unique and
wine industry. The service offering was
cash management, credit card and
the services we provide are tailored to
a result of building and sustaining a
depository services as well as interest
meet their specific needs. Our services
long-standing relationship between
rate risk management through the use
may involve arranging a multi-bank
the client, our premium wine team and
of derivatives.
syndicate to finance a wine and vine-
our syndication department.
yard industry REIT, providing financing
for the expansion of a medical device
company, or helping companies manage liquidity and interest rate risk.
Transactions of this kind allow Bank of
The new San Rafael, California-based
the West to demonstrate multiple ca-
Vintage Wine Trust buys vineyards in
pabilities, including underwriting and
Oregon, Washington and California,
administering large syndicated loans,
then leases the land back to grape
agricultural lending expertise reflecting
growers and wineries. As lead bank for
20 years of lending to the wine industry
a $150 million loan, Bank of the West
and guidance from lenders who under-
utilized both our agricultural credit
stand REITs. Together with Vintage Wine
and syndication expertise to pack-
Trust, we have built a strong foundation
age the loan. The bank also retained
for future service growth.
7
Bank of the West’s most durable agriculture banking relationship is with 22-year client Hilmar Cheese of Modesto, California. The world’s
largest single-site cheese manufacturer produces more than a million pounds of cheese every day.
As customer needs grow, so does our
Developing a customer relationship
Many clients also utilize Bank of the
banking relationship with them. Bank of
involves listening to the customer and
West’s interdisciplinary capabilities
the West has supported one agricultural
designing a package of services and
to help them achieve cost savings.
customer, Hilmar Cheese, for 22 years.
products tailored to meet their needs.
Our Capital Markets service, for ex-
We began our relationship in 1983 with
Mentor Corporation, a Santa Barbara,
ample, assists customers with advice
a $1.2 million loan. Today, the Modesto,
California-based medical specialty de-
and execution of financial transactions
California-based company is the larg-
vice manufacturer wanted to invest in
in almost every world currency. A Port-
est single-location cheese producer in
its growth as well as have the flexibility
land, Oregon-based steel manufacturer
the world. Hilmar Cheese has grown
to make strategic investments, should
recently sought to purchase new cut-
to absorb 10% of California’s total milk
opportunities arise. In 2005, Bank of
ting equipment from New Zealand and
production, making more than a million
the West structured a $200 million
asked for both a New Zealand and a
pounds of cheese daily. Over the years,
syndicated loan for Mentor Corpora-
U.S. dollar sales price from the supplier.
Hilmar Cheese has become Bank of
tion to expand upon the success it was
Working with the Foreign Exchange
the West’s largest and longest-lasting
already achieving and an “accordion”
desk at Bank of the West, the client was
agricultural relationship.
expansion loan of $50 million to ac-
able to effectively value the pricing op-
commodate future growth.
tions and thus realize savings.
8
Bank of the West’s specialty lending to religious institutions included a $7 million construction loan for Millbrook Baptist Church in Aiken,
South Carolina. Trinity Capital, an equipment leasing division, creates vendor leasing programs for manufacturers of specialized equipment
like this collision repair frame rack made by our customer, Chief Automotive Technologies, of Grand Island, Nebraska.
Throughout 19 Western and Midwest-
building new worship and educational
Treasury and investment products,
ern states, prospective customers can
facilities. The country’s largest special-
cash management services and pri-
locate experts in the following banking
ized church lender, Bank of the West
vate-label offerings help meet com-
disciplines by visiting our branches or
has developed a nationwide reputa-
petitive needs at lower cost.
specialized banking centers as well as
tion for understanding and meeting
online at www.bankofthewest.com.
the financial needs of churches.
•
Agribusiness lending and service
Government sector entities from counties, cities and universities to special
Equipment Leasing and support ser-
districts use our bond underwriting
leadership in the nation’s three most
vice is provided nationwide for busi-
services and treasury management.
productive agribusiness markets —
nesses directly through the bank’s
California, the Pacific Northwest and
commercial banking centers and
the Midwest — make Bank of the West
branches and through a nationwide
the nation’s #4 production agriculture
broker network. Our Trinity division
lender. The bank serves growers, win-
focuses on vendor leasing programs
eries, and forest product industries,
in specific industries and on lease
plus ranches, nurseries and dairies
account servicing.
throughout the West and Midwest.
•
•
•
•
Financial Institutions including credit
Church Lending provides exper-
unions use a wide range of corre-
tise developed through 20 years of
spondent and processing services
guiding church leaders through the
that enable smaller institutions to
multiple phases of planning and
extend their service capabilities.
•
Health Care Institutions, especially
residential care facilities for seniors,
are another Bank of the West specialty. From site acquisition through
construction and occupancy development, the bank has the expertise
this specialty demands.
9
Sanitation and recycling company CR&R depends on Bank of the West for a large credit facility, online cash management, credit cards,
deposit services and a personal banking program for the company’s 600 employees.
•
Pacific Rim business clients include
•
•
Foreign Exchange: Transaction, ad-
ment firms need rapid responsive-
visory and investment expertise in
trepreneurs to multinational com-
ness for high transaction volumes.
global markets
panies. Through the Asian Trade
We bring the fastest turnaround pos-
Center network of our parent BNP
sible to an industry where urgency
Paribas and our fluency in multiple
is the rule.
Asian languages, we maintain ties
throughout Asia. Pacific Rim bankers
also specialize in depository services
for the U.S. subsidiaries and affiliates
of the West’s construction and real
estate portfolio stood at $3.5 billion
at year’s end 2005.
through our senior trade managers in
Centers worldwide
•
Capital Markets: Interest rate hedg-
•
•
•
Syndication: Structured underwrit-
ing products as well as enhanced
ing of large loans in partnership with
customer returns on investment and
other lenders
working capital
and retail properties, low-to-modvariety of residential property. Bank
sive global import/export services
cialties, Bank of the West offers:
work with lenders at Bank of the
erate income housing, and a wide
International Trade: Comprehen-
cooperation with BNP Paribas Trade
Real Estate & Construction clients
West who finance industrial, office
•
Within each of these commercial spe-
of Japanese companies.
•
Title, Escrow and Property Manage-
customers from Asian-American en-
•
Wealth Management: As consultants,
Cash Management: Online, scalable
our money managers match invest-
solutions and single-point service
ment recommendations with client
Corporate Deposits: Single-point deposit services for corporate clients
objectives.
Small Business Banking
10
Bank of the West financed the office and maintenance facility of Mountain View Tours in
Tucson, AZ and has extended a line of credit to the luxury tour bus charter company.
Small business is the backbone of the
based its awards on interviews with
work of representatives nationwide.
economy in hundreds of the communi-
more than 22,000 business owners in
Active in secondary markets as well,
ties we serve.
66 markets nationwide.
the bank grew its SBA portfolio by
With more than 130 years experience
Business bankers throughout the bank’s
in community banking, Bank of the
19-state footprint offer loans up to $1
Small business clients may also need
West understands the needs of the
million through our BusinessLink prod-
some of the same services that larger,
small business owner.
uct, a quick-response credit program
commercial customers require. At Bank
targeted to established businesses
of the West, we provide scalable cash
and farms in need of operating capital,
management, foreign exchange, in-
According to a
construction financing or equipment.
ternational trade finance, equipment
leading, indepen-
In addition, Small Business Admin-
leasing, capital markets products and
dent financial ser-
istration (SBA) loan programs make
wealth management services. As they
vices consulting
funds available for firms that don’t fit
grow, we match the needs of small en-
and research firm, Bank of the West’s
the conventional mold. As a Preferred
terprises with our flexibility to adjust
business bankers in 2005 were recog-
Lender of the SBA, Bank of the West
the product scale of deposit accounts,
nized as the best in the country. We
can expeditiously process these gov-
credit and other merchant services.
received four Greenwich Associates
ernment-guaranteed credit offerings.
national awards for excellence in busi-
The bank makes SBA loans through
ness banking. Greenwich Associates
our branch system and through a net-
19% in 2005.
Small Business Banking
11
Personal and business banking relationships with Bank of the West have allowed two generations of the Landeros family to grow
PRL Glass from a four-person custom glass fabricator into a $34 million company with 300 employees.
Since 1989, we’ve been banking PRL
has also added a new business line
In an effort to serve all segments of
Glass, a custom glass fabricator in
— aluminum extrusions. What began
the communities within our footprint,
the City of Industry, CA. Initially a de-
as a family-operated business by four
Bank of the West has made a multi-
posit customer, the company next
brothers today has grown into an en-
year, multi-category community sup-
established a line of credit through
terprise with 300 employees and three
port commitment. We have pledged
BusinessLink. Our branch manager lis-
industrial facilities.
to provide $25 billion in loans for
tened to the owners’ desire to grow the
company and introduced them to our
Business Banking Center. By request,
PRL Glass established a relationship
with one of our bilingual officers and
we provided banking products and
services to support the company’s
goals for expansion. Bank of the West
has provided PRL Glass with a working
capital line of credit, several equipment loans, and multiple commercial
real estate loans. The company, which
makes custom glass shower doors,
In Northern and Southern California,
we have developed a niche in serving
U.S. subsidiaries of Asia-based companies as well as small businesses
owned by Asian-Americans and Asian
immigrants. Our Pacific Rim group
of offices is staffed with multi-lingual
bankers who can assist customers in
Mandarin, Cantonese, Japanese and
Korean. These specialized branches are
also attuned to the business cultures
of East Asia.
small businesses and farms in low- to
moderate-income areas through the
year 2015. Funding for micro-loans
of less than $30,000 is included in this
commitment. Since 2002, the bank has
made $7.5 billion in such loans.
Consumer Banking Services
12
Among the 204 banking locations Bank of the West acquired in 2005 is this former
Commercial Federal branch near Boulder, CO.
As individual consumers ourselves,
include personal checking and sav-
There are a thousand details and pro-
we at Bank of the West know and ap-
ings accounts, debit and credit cards,
cesses involved in integrating an ac-
preciate friendly, personalized service.
consumer loans and lines of credit,
quired bank into Bank of the West.
This is what drives us to build long-
mortgages, investments, insurance,
The planning and preparation for the
term relationships with our customers
trust and retirement accounts. Each
conversion of Commercial Federal
and provide them with a high touch
of our branches has a listed telephone
into our network began the day af-
banking experience. Our branch sales
number, answered live. If you prefer,
ter we announced its acquisition in
staff is trained to listen to and proac-
our call center is staffed from morning
June. From systems to signs, bro-
tively identify every customer’s bank-
until night, seven days a week, with
chures to our distinctive bear logo,
ing needs and match those needs with
access through our toll-free customer
we executed major changes during
the right products and services.
service lines.
a single weekend in early December.
Bank of the West has more than 680
The acquisition of Commercial Federal
branch banking locations and 767 ATMs
Bank in 2005 added dramatic growth
across the West and Midwest as well
to our consumer banking footprint, ex-
as telephone banking services and our
panding service in Arizona, Colorado,
proprietary eTimeBanker® online bank-
Iowa and Nebraska while introducing
ing service. Our customers have access
the Bank of the West brand in Kansas,
to a full array of banking products that
Missouri and Oklahoma.
Bank of the West converted 204 banking locations and 248 ATM machines.
We installed more than 4,500 Bank of
the West outdoor and indoor signs,
2,700 of which went up over that one
weekend alone. We set up 2,100 personal computers in the branches and
13
Bank of the West’s Omaha-based mortgage business offers purchase and refinance loans through our 19-state branch network. Bank subsidiary
Essex Credit Corporation is one of the nation’s largest marine direct lenders, offering 25 and 30 year loan terms on boats and RVs.
1,000 personal computers in other
As online and telephone banking meth-
Bank of the West also provides a com-
bank offices. More than 400 informa-
ods gain popularity, we continually up-
plete range of consumer loan products
tion technology technicians worked
date controls to protect our customers’
as well as indirect financing through
around the clock during that weekend
privacy and security. Our eTimeBanker
dealerships that sell autos, recreational
to convert former Commercial Federal
online banking service uses state-of-
vehicles and pleasure boats. We work
accounts into the Bank of the West
the-art encryption technology. The
with a nationwide network of nearly
system. Nearly 2 million pieces of mail
bank’s website at www.bankofthewest.
6,000 dealerships to provide quick loan
providing transition information went
com also includes consumer informa-
approvals and funding for hundreds
to our customers informing them of
tion for protection against identity theft
of thousands of dealership customers
the acquisition, and welcoming them
and web-based fraud. This year, we
and consumers.
to Bank of the West.
introduced identity theft-prevention
The acquisition expanded our branch
network in the Midwest and dramatically reinforced our presence in the
workshops in some communities and
we promoted consumer education on
financial abuse of the elderly.
Customers can also realize the dream
of owning a pleasure boat or motor
home through financing offered by
Essex Credit Corporation, a Bank of
Rocky Mountain region. As in our pre-
We help consumers realize home
the West subsidiary since 1997. Essex
vious mergers, we retained virtually all
ownership with mortgage and refi-
offers personal marine and RV loans
staff in the acquired branches so that
nancing products offered throughout
through direct mail, the Internet, bro-
customers saw the same friendly faces
our branch network by our Mortgage
ker referrals and through its offices in
who provided personal continuity and
Banking Division.
coastal communities.
a seamless banking transition.
14
Bank of the West has 18 Pacific Rim Banking branches like this one in San Francisco to serve California’s large Asian-American
communities and immigrant entrepreneurs.
Our BancWest Investment Services
and life insurance through 56 Bank
We also maintain specialized outreach to
subsidiary offers an array of mutual
of the West branches in Colorado, the
both Asian and Latino customers with a
funds, annuities, IRA accounts, other
Dakotas, Iowa, Minnesota, Nebraska,
set of products and web sites tailored to
tax-advantaged accounts and educa-
Utah and Wyoming. This service will
meet the needs of these markets.
tion savings plans. These services are
be expanded to other markets as we
available at all our branches, or ap-
acquire additional insurance agencies
pointments with investment consul-
within our network.
tants can be scheduled offsite.
Private Bankers are available to high
net worth individuals. These personal
bankers can handle all of a customer’s
Asian consumers can receive service
banking needs, but are particularly
BW Insurance Agency Inc., also a Bank
in their native language at any of Bank
versed in the areas of wealth manage-
of the West subsidiary, offers personal
of the West’s 18 Pacific Rim Banking
ment, trust and investment services.
and commercial insurance products
locations in Southern California and
including automobile, homeowners
San Francisco.
Supporting our Communities
15
Bank of the West invested in Homestead Capital’s $4.7 million development in rural Washington (left) to provide farmworkers and
their families with affordable housing. Homestead’s Fremont Mews apartment complex in Sacramento, California (right) provided for
49 lower-income families with investment by Bank of the West. (Aaron Johanson photo)
In 2002, Bank of the West announced a
Our expansion in the Midwest and
Noteworthy among the bank’s commu-
ten-year goal to support communities
Rocky Mountain states has also in-
nity investments of the past year:
in several ways, ranging from small
creased our commitment to commercial
farm loans to church credit, community
business, small business, consumer
development lending, investment and
and community development lend-
minority contracting.
ing, investment and philanthropy in
With the acquisition of Commercial
economically challenged areas.
•
A $4.5 million investment in bonds
as well as a long term loan are helping finance construction of a 40-unit
multi-family affordable housing development for disabled lower-income
Federal Bank in 2005, the bank in-
With 162 of our branches located in
adults in Stockton, California. In
creased and extended its pledge to
underserved, low income communi-
2005, the bank made $465 million in
$75 billion in community investment
ties, the bank is firmly committed to
community development loans and
through 2015. The significant increase
investing and lending to qualified in-
investments for affordable housing,
in our commitment is based on our
dividuals, small businesses and larger
economic development and neigh-
recent growth and our belief that it
enterprises. Through its SBA program,
borhood revitalization.
is our responsibility to meaningfully
the bank is also making thousands of
support the communities in which we
micro-loans to small businesses, con-
live and work.
sumer loans, philanthropic, minority
vendor and community partnerships.
16
In July, Bank of the West Beach Games, featuring surfing championships, beach volleyball and other competitions, is celebrated in Huntington
Beach, California. Kim Clijsters (right) won the 2005 Bank of the West Classic, Northern California’s only women’s professional tennis tournament.
Sponsored by the bank for 14 years, the Classic brings world-class tennis to the San Francisco Bay Area each summer.
•
•
A $250,000 grant to Operation Hope for
We believe that the fabric of our com-
financial literacy programs in Denver.
munities is woven by corporate par-
The Fruitvale Hope Center — an Oakland, California Bank of the West
•
ticipation in the many celebrations of
The many events we sponsor include:
•
The Bank of the West Classic women’s professional tennis tournament,
our cultures through events.
part of the U.S. Open Series that
branch that houses a financial coun-
As Bank of the West has grown, so
annually draws 40,000 spectators
seling and internet center — thrived in
too has our support of community
in Northern California plus millions
its second year as a grant-supported
events, collegiate athletics and pro-
of television viewers.
joint venture with Operation Hope.
fessional sports. Whether it’s the lon-
A $10,000 grant to St. Jude’s Ranch
for Children in Las Vegas, Nevada
supports abused, neglected and
abandoned children. Through dozens of similar-sized grants, the bank
supports community events and
charitable organizations in health
and human services, the arts, and
economic development.
gest-running women’s professional
tennis tournament in the world, the
largest U.S. beach games festival or
the world’s largest outdoor rodeo, the
bank actively sponsors events and
activities unique to the diverse communities we serve.
•
Cheyenne Frontier Days, the world’s
largest outdoor rodeo and a Wyoming tradition since 1897. Frontier
Days features live concerts, parades,
art shows and dance performances.
Bank of the West also sponsors the
Bill Picket Invitational Rodeo, the
nation’s only black touring rodeo.
17
As the third largest bank in Wyoming, Bank of the West is a proud sponsor of Cheyenne Frontier Days, the world’s largest outdoor rodeo
and Western celebration. In Nebraska, 300,000 music lovers turn out in Omaha annually to “Celebrate America” around July 4th with a
rock concert and fireworks. Bank of the West continues to sponsor the event in 2006.
•
•
“Bank of the West Celebrates Ameri-
•
Bank of the West Beach Games,
•
The San Gabriel Valley Lunar New
ca” features a free community concert
which features the U.S. Open of Surf-
Year Festival and Parade, one of the
and fireworks show in Omaha’s Me-
ing and showcases other world-class
largest Asian American celebrations
morial Park each July 4th weekend.
athletes in volleyball, free-style mo-
in California, attracting thousands of
tocross, BMX and skateboarding in
spectators and broadcast on Asian-
Southern California. Each year, more
language television and radio.
Denver Parade of Lights. This annual December parade, complete
with marching bands and animated
floats, makes its way through downtown Denver.
than 350,000 spectators attend the
free multi-day event.
Executive Management Committee
18
Front row: (from left) Donald Ward, Gerard Denot, Steve Glenn, Don McGrath, Norma Waters, Doug Grigsby, Jean-Milan Givadinovich
Back row; (from left) Susan Fowler, Donald Duggan, Frank Bonetto, Gerald Pang, J. Michael Shepherd, Paul Wible, Kevin Ames.
Not shown: James Henry.
Don J. McGrath
Chairman and CEO
Frank Bonetto
Vice Chairman
Regional Banking Group
Gerard Denot
Vice Chairman
Commercial Banking Group
Steve Glenn
Vice Chairman
Chief Administrative Officer
Doug Grigsby
Vice Chairman
Finance Group
James Henry
Senior Executive Vice President
Chief Credit Officer
Donald Duggan
Executive Vice President
Chief Technology Officer
J. Michael Shepherd
Risk and Legal Group
Susan Fowler
Human Resources
Donald Ward
Operations and Systems
Jean-Milan Givadinovitch
Director of Audit and Inspection
Paul Wible
Consumer Finance
Kevin Ames
Chief Financial Officer
Gerald Pang
Deputy Chief Credit Officer
Norma Waters
Specialty Products
Senior Management Committee
Senior Management Committee
includes Executive Management
Committee and:
Mark Glasky
Commercial Banking
Martin Resch
Treasurer
Thomas Anderson
President, BW Insurance Agency, Inc.
Brad Grubb
CEO, BancWest Investment
Services, Inc.
Lori Rivers
Senior Vice President
Consumer Product Services
Ralph Anthony
Finance Integration and Tax
James Hanna
Information Technology
Mark Beecher
National Indirect Sales
Deirdre Henry
Controller
Ross Biatek
General Auditor
Bruce Heysse
Regional Banking Credit
Patrick Corrigan
Great Plains Division
Art Crawford
Consumer Finance Administration
Richard Davis
Southern California Division
Jack Devereaux
Rocky Mountain Division
Randall Roberts
Southern California Operations
Michael Robinson
Valley/Sierra Nevada Division
George Stanfield
Southwest Division
John Hyche
Syndications
Roger Sturdevant
Agriculture and Rural
Commercial Banking
Allen Kirschenbaum
Syndications
John Thomason
Real Estate Industries
Fran Lopez
Marketing
Stephen Weiss
Chief Counsel
Carole Merchant
Dealer Lending Services
Bill Williamson
Northwest Division
Jerry Dunn
Administration
Paul Nakae
Real Estate Industries -- North
John Wojcik
Commercial Banking
Strategic Planning and Administration
William Even
Deputy Chief Credit Officer
Jerry Newell
Equipment Leasing
Gina Wolley
Customer and Branch Services
Tate Fitzgerald
Mortgage Banking Division
Yukinori Nishio
Pacific Rim Banking
Paul Woolway
Corporate Development
Scott Germer
Loan Portfolio Risk
Brad Rasmus
Midwest Division
William Zillman
Wealth Management
19
Board of Directors
Frank Bonetto
Vice Chairman
Bank of the West
Bernard Brasseur
Risk Manager (Retired)
Bank of the West
David Clark
Chairman & CEO (Retired)
Clark and Sullivan Constructors
Francois Dambrine
Head of U.S. Retail Banking
BNP Paribas
Gerard Denot
Vice Chairman
Commercial Banking Group
Bank of the West
20
Walter A. Dods, Jr.
Chairman
First Hawaiian Bank and
BancWest Corporation
Trustee, Estate of S.M. Damon
Robert A. Fuhrman
Vice Chairman
President & COO (Retired)
Lockheed Corporation
Stuart Hall
President & CEO (Retired)
Liberty Northwest
A. Ewan Macdonald
Chairman & CEO (Retired)
Del Monte Foods
Pierre Mariani
International Retail Banking
and Financial Services
BNP Paribas
Vilma S. Martinez
Partner
Munger, Tolles & Olson LLP
Isao “Steve” Matsuura
Chairman (Retired)
Sanwa Bank California
Don J. McGrath
Chairman & CEO
Bank of the West
President & CEO
Chairman, Executive Committee
Rodney R. Peck
Senior Partner
Pillsbury Winthrop LLP
Donald Pelton
Senior Executive
Vice President (Retired)
Bank of the West
Edouard A. Sautter
Honorary Senior Executive
Vice President
Banque Nationale de Paris
Jean Thomazeau
Advisor to
the Chairman (Retired)
BNP Paribas
Robert L. Toney
Admiral (Retired)
U.S. Navy
John K. Tsui
President and COO (Retired)
First Hawaiian Bank
Jacques Henri Wahl
Senior Advisor to
the Chairman (Retired)
BNP Paribas
Former Director & President
Banque Nationale de Paris
Corporate Address
Form 10-K
Bank of the West
180 Montgomery Street
San Francisco CA 94104
Phone: 925. 942.8300
www.bankofthewest.com
To obtain Form 10-K and other financial
information about BancWest Corporation
and financial information about Bank of
the West, contact:
Essex Credit Corporation
2200 Powell Street, Suite 1200
Emeryville CA 94608
Phone: 866. 377.3948
www.essexcredit.com
General Information
Contact for news media and others
seeking general information:
Roberta Wong Murray
Corporate Communications
Phone: 415. 399.8220
[email protected]
Doug Grigsby
EVP/Chief Financial Officer,
Vice Chairman/Finance, Bank of the West
[email protected]
Credit Ratings
Standard & Poor’s
Bank of the West uninsured CDs:
long-term A+, short term A-1
Moody’s
Bank of the West deposits:
long-term Aa3; short-term P-1
Fitch
Bank of the West deposits:
long-term AA-; short-term F1+
(Ratings as of December 31, 2005)
Headquartered and chartered in San Francisco, California, Bank of the West is a full-service
commercial bank with $55.2 billion in assets and $33.9 billion in deposits at December 31,
2005. The bank has 681 branch banking locations in 19 Midwestern and Western states —
Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New
Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming. Founded in
1874, Bank of the West originates commercial, small business and consumer loans and leases, and offers a range
of individual and other commercial banking, insurance, trust and investment products. Subsidiary Essex Credit
Corporation offers loans on pleasure craft and recreational vehicles. See www.bankofthewest.com.
Bank of the West is a subsidiary of BancWest Corporation, a holding company with assets of
$66.3 billion at December 31, 2005. Headquartered in Honolulu, Hawaii, with administrative
offices in San Francisco, BancWest Corporation also owns First Hawaiian Bank, with $11.6 billion
in assets at December 31, 2005 and 61 branches in Hawaii, Guam and Saipan. See www.bancwestcorp.com.
BancWest Corporation is a subsidiary of BNP Paribas, a global financial institution of European heritage with offices in more than 85 countries and nearly 110,000 employees. BNP Paribas is the second
largest bank in the Euro zone by market valuation. With total assets of $1.49 trillion ( 1.26 trillion) at
December 31, 2005, a significant and growing presence in the United States and leading positions in Asia, BNP Paribas is
a major provider of retail, commercial, insurance, investment and investment banking products and services worldwide.
See www.bnpparibas.com.
180 Montgomery Street
San Francisco, California 94104
(925) 942-8300
www.bankofthewest.com

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