TWIN RIVER BANK

680539

1507 G St, Lewiston, ID, 83501  

Early in March, 1978, eight real estate brokers discussed a common concern, financing, at their weekly exchange breakfast meeting. The consensus was that the local banks and mortgage companies were not meeting the needs of the public. Processing of loans was taking too long; since “chain” banks had to send everything out of town for approval


Early in March, 1978, eight real estate brokers discussed a common concern, financing, at their weekly exchange breakfast meeting. The consensus was that the local banks and mortgage companies were not meeting the needs of the public. Processing of loans was taking too long; since “chain” banks had to send everything out of town for approval, weeks were wasted, resulting in many lost real estate transactions. Local depositors were unable to obtain second mortgages or short-term loans. With $151 million on deposit, $68 million was being sent to chain bank home offices in Boise, Salt Lake, and Pocatello.

It was obvious that competition was urgently needed. Chuck Cassell suggested that a home-owned mortgage company be started and it was decided to look into requirements. The original group of eight were Bruce Faling, Barbara Hume, Bruce McRae, Mary Jane Gruber, Chuck Cassell, Weldon Hatley, Rich Law, and Don West. Joining later were Hollis Reed, a builder, Dr. Everett Cassell, a dentist, and Rita Pope, a realtor. Each contributed $250 to be spent on a feasibility study, by a local accounting firm, and legal advice. Due to a lack of comparative material, the feasibility study was inconclusive and rather discouraging.


LENDING PROFILE

TWIN RIVER BANK arranges the following loan types:
  • RESIDENTIAL: Hard Money , FHA , USDA , Construction loans , VA , Portfolio
  • COMMERCIAL: Hard Money , Portfolio
  • LAND: Hard Money , Construction
Lending territories: ID, WA

Results

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