Mail Tribune Business - Local bank expands to Portland

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Local bank expands to Portland Bank of Southern Oregon is expanding north. The Medford-based community bank has formed a finance division called Premier Finance Company that will open its first office in Portland within the next few weeks, the bank announced Thursday. The office will offer consumer loans such home equity lines and auto loans. "A finance division is an effective way to broaden our consumer lending base," said John Anhorn, the company's president and chief executive. The bank is in the final stages of a merger with Roseburg-based Douglas National Bank. The deal will create a $300 million bank with 13 branches called PremierWest Bank. Douglas National's shareholders formerly vote on the merger Thursday and Bank of Southern Oregon's are slated to vote May 5. The banks have received the needed regulatory approval. Anhorn said the finance division is another way for the bank to grow and increase its value for shareholders. Tory Nelson, who headed Washington Mutual-owned Western Credit Service for the past 13 years, has been hired to run the new division. Anhorn and Nelson worked together at Western Bank before it was purchased by Washington Mutual. Nelson approached Bank of Southern Oregon about launching the division -- something that Anhorn said was already it's plans. Anhorn said the company plans to open finance offices in Southern Oregon down the road. He and chose Portland for the first one because that's where Nelson lives. "It will give us a quick start because he has a good customer base up there," Anhorn said. "He's done it for many, many years.'' Today's Edition : News | Sports | Business | Weather | Tempo | Classifieds Mail Tribune Copyright � The Mail Tribune 2000, Medford, Oregon USA