The Comox Valley has been a good market for the Canadian Western Bank since it opened a branch here 16 years ago, says Courtenay assistant vice-president and branch manager Jason Zaichkowsky.
鈥淗ere we鈥檝e got a thriving community,鈥� Zaichkowsky said in an interview at Crown Isle during a three-day retreat this month for the bank鈥檚 Western Canadian senior managers. 鈥淲e鈥檝e got a Costco under construction, which is going to lead to development of other opportunities in the area 鈥� recently an announcement of a brand-new hospital.
鈥淪o there鈥檚 lots of good things, not to mention the airport, the base (CFB Comox), the ski hill and all the other amenities that this location has to offer."
Larry Pollock, CEO of the entire Canadian Western Bank operation, in general shares Zaichkowsky鈥檚 bullish attitude about the Comox Valley and Western Canada.
鈥淲e鈥檝e had a really good run here through the global financial meltdown,鈥� Pollock said at Crown Isle. 鈥淲e had record earnings each year 鈥� '07, '08, '09, '10. We made a major acquisition with National Leasing in Winnipeg in 2010, which will add a lot to us going forward.
鈥淔irst quarter this year was extremely strong. We were up about 10 per cent over last year.
鈥淥ur rates are still low. It鈥檚 a good environment in which to build a business.鈥�
The Comox Valley, he reiterated, has been a good one for CWB.
鈥淲e specialize in commercial lending, so our loans through the meltdown never deteriorated at all. We鈥檝e got a lot of undrawn credit that鈥檚 now been approved. People are starting to borrow money and do things.
鈥淎pparently there鈥檚 some economic activity here, a new hospital, a shopping centre, Costco 鈥� that鈥檚 a good sign. When you have major players like that coming into your market, they must see something positive.
鈥淭here guys are real pros 鈥� Costco, Walmart 鈥� all of these box guys, they really know what they鈥檙e doing.鈥�
Pollock said the company has no plans to open another Comox Valley branch, preferring to expand the existing location, which he said WCB has done three or four times in Courtenay, 鈥渁lways taking a bigger premises, adding more staff and more loans.鈥�
If you鈥檇 like some extra cash for a project, Pollock said
CWB awards personal loans of up to $50 million.
Zaichkowsky was pleased to host 31 senior managers for the retreat at Crown Isle Resort and Golf Community to plan strategy.
鈥淭hey鈥檙e showing their commitment to the Comox Valley by having the meetings here,鈥� Zaichkowsky said. 鈥淭hey see this as an important part of our business.鈥�
Besides the planning session, a social event at Crown Isle drew a broad spectrum, including clients, prospects, business partners and media, Zaichkowsky noted.
鈥淚t鈥檚 a big event for the branch.鈥�
Edmonton-based CWB has 39 鈥� soon to be 40 鈥� branches in Western Canada, as Zaichkowsky noted, the only chartered bank in the country with its headquarters in Western Canada.
So the word about the charms of the Comox Valley continues to spread among people in other parts of Canada.
This particular CWB retreat followed a retirement ceremony last May at Crown Isle for Courtenay branch manager Al Dafoe. Several high-ranking bank managers were so impressed with Crown Isle and the area that they scheduled this spring鈥檚 retreat here.
鈥淚t鈥檚 exciting because traditionally they鈥檙e had this meeting in the Victoria area for a number of years,鈥� Zaichkowsky said.
Several CWB managers came out early to get in some golf that they are unable to play in April in Manitoba, Saskatchewan, Alberta and even the B.C. Interior.
editor@comoxvalleyrecord.com
