Trusted Since 1915
These are powerful words. They represent a milestone not celebrated by many financial institutions. What a remarkable accomplishment in these times to have a local bank adapt, prosper, continue to grow and be relevant for a century— all under the same local leadership.
Rich History, Strong Community and a Bright Future
Southwest Savings & Loan first opened its doors over 100 years ago in downtown Hoquiam, a burgeoning timber town with a name meaning “hungry for wood.”
As the community evolved, so did the institution, branching out and eventually becoming the Timberland Bank that you know today. We invite you to explore our 100-year history below:
A Timber Town's Humble BeginningsHoquiam, WA at the turn of the twentieth century
In the early years of the twentieth century, Hoquiam was the home to a multitude of logging mills and operations. These businesses varied in size, but the common thread of these operations is the paychecks they provided that supported early settlers and helped them improve their lives.
After the 1900s, and with the influx of mills and jobs, Hoquiam's population grew rapidly from 1,500 in 1890 to 10,000 by 1920. While lumber and logging operations were the lifeblood of the area, the growth of the City of Hoquiam was seriously handicapped by the lack of facilities for home financing. There was no access to financing for the home builder, with financing only available from Seattle banks at a very high rate of interest.
Photo courtesy of the Polson Museum and Jones Historic Photo Collection.
The Founding FourSouthwest Washington Savings and Loan established December 7, 1915
A group of businessmen joined together and made a commitment to provide secure banking services and funding so settlers could borrow money to build and purchase homes. The original founders were successful businessmen in their own right:
F.G Foster, President of the F.G Foster Company and the Bank of Hoquiam
Dr. J.F. McDonald, Vice President of Hoquiam General Hospital and a Fellow of the American College of Surgeons
E.B. Arthaud, President of the Arthaud Land Company, Pacific Title, and Hoquiam Bond & Mortgage Company
P.J. Morgan, President of Grays Harbor Construction Company and President of Woodland Mill
These gentlemen along with five directors became the founding fathers of Southwest Washington Savings and Loan, which we now know as Timberland Bank.
Photo courtesy of the Polson Museum.
An Era of Slow and Steady Growth1915 - 1934
The bank began in a rented space owned by Arthaud Land Company. Business grew slowly at first:
- December 7, 1915 - Southwest Savings and Loan established.
- 1916 - Southwest Savings and Loan celebrated its first year of business, with just five loans made all year. Total assets reached $4,600.00.
- 1920 - Southwest Savings and Loan joined with Arthaud Land Company and moves to 720 Simpson avenue in Hoquiam.
- 1928 - With contracts signed, work began on the bank's new building. On the 13th anniversary of the bank, they moved into their new headquarters.
- 1934 - Southwest Savings and Loan was organized by the U.S. government and acquired a federal charter, which still resides in Hoquiam today.
Pictured: An artistic rendering of the bank's new headquarters in 1928. Photo courtesy of the Polson Museum.
The Road $1 Million1935 - 1950
- 1935 - The record books note that as of May 21, 1935 the bank became known as First Federal Savings and Loan.
- 1943 - The bank's statement of condition reported assets of $351,486.
- 1949 - Donald Arthaud elected President of the bank. First Federal Savings and Loan Association of Hoquiam then purchased the liquidating assets of Hoquiam Savings and Loan, becoming the only bank in Hoquiam.
- 1950 - The bank reached over $1 million in assets.
Pictured: The bank's statement of condition, 1943. Photo courtesy of the Polson Museum.
Expansion Continues1950 - 1969
Just as the founders had designed, the bank became successful by lending a helping hand to their friends and neighbors to borrow money to purchase a home or finance a business. Over the years, the bank became a well-respected, local institution and continued on a path of steady growth:
- 1963 - Property adjacent to the current building was purchased and work began on the bank's new headquarters.
- 1966 - First Federal Savings and Loan Association moved into its new headquarters at 624 Simpson Avenue in Hoquiam, where Timberland Bank is still headquartered today.
- 1969 - Clarence Hamre was elected President and expansion begins. When Mr. Hamre arrived, the bank had just one office, eight staff members and $8.8 million in assets.
Pictured: The bank moved into its new headquarters at 624 Simpson Avenue, 1966
Growth and Diversification1970 - 1989
- December 21, 1973 - The bank's name was changed again, this time to Timberland Federal Savings, which would eventually become Timberland Savings Bank.
- 1974 - A newly built office opened in Aberdeen's South Side, becoming the second full-service branch.
- 1975 - The Montesano branch became number three.
- 1977 - Our Ocean Shores location opened and Mike Sand joined the bank.
- 1980 - Bank continued to diversify with the opening of our Edgewood Branch and established a construction lending program in Pierce County.
- 1989 - Now with five locations, the bank's assets reached $100 million.
Pictured: The bank's second full-service branch opened in Aberdeen's South Side, 1974
Big Changes in the New Millennium1990 - 2003
- Early 1994 - 1997 - Branches added in Auburn, Puyallup and Lacey
- 1999 - Growth continues, with branches added in Yelm, Poulsbo and Bethel Station
- January 2, 2001 - Name changed to Timberland Bank to reflect the wider offerings of products and services
- January 12, 1998 - Timberland Savings completed a conversion from a savings bank to a stock charter bank, becoming a public company now traded on the NASDAQ under the ticker symbol TSBK.
- 2001 - 2003 - Branches added in Tacoma, Silverdale, Olympia and Tumwater
- 2003 - The bank grew to 15 branches, $444 million in assets and 180 employees. After 34 years of service, Mr. Hamre retired as President of the bank and Mike Sand was unanimously elected President and CEO.
Timberland Celebrates a Century2004 - 2015
In order to support the growing network of branch offices, additional facilities were needed for Loan Servicing, IT and Card Payment Services departments. The former Riverhaven Restaurant was brought back to life as the new home for these growing departments. The expansion came just in time, as more growth was ahead:
- June 24, 2004 - Timberland acquired Venture Bank branches in Downtown Aberdeen, Montesano, Elma, Panorama, Toledo and Winlock.
- 2004 - 2008 - Branches were added in Gig Harbor and Chehalis.
- January 13, 2014 - This marked a proud day in Timberland history as the bank was recognized on the NASDAQ board in Times Square.
- 2014 - The Seattle Times ranked Timberland 16th of Top Regional Public Companies.
- 2015 - Timberland Bank celebrated its 100th anniversary and its 17th year on NASDAQ, with total assets reaching $790 million.