Many of you may know Steve Haggard as a leading Out of Home commercial lending executive, both at Metro Phoenix Bank and more recently at Alerus. With the news of the Alerus decision to stop making billboard loans, we knew that Steve would find a new banking institution to continue to serve the industry. Steve reached out to us recently to introduce us to Northrim Bank. Here is that conversation.
Since the state of Alaska has a ban on billboards, how do you convince an Alaskan based bank to originate loans to the billboard industry?
A component of the Bank’s growth initiative includes the investment & development of specialty banking programs that may be more applicable at a regional or national level. Over the past 30 years, Northrim Bank has done an amazing job of taking care of their own backyard (Alaska), and that will continue to be its priority, However, growth opportunities are not always linear in our industry and visionary bankers will take advantage of prudent opportunities when they arise. Part of my attraction to Northrim Bank was that it had already demonstrated its nimbleness in moving into unique verticals in different geographies….and, it is an extremely high performing financial institution.
Will you still be based out of Arizona?
Yes, for the most part my team will be located in Arizona, which remains a very strong hub for OOH banking talent and business opportunities.
We will receive support in shared services from our home office in Anchorage, however, given the digital transformation of banking over the past 15 years, physical locations are almost irrelevant in getting the job done.
What do you see as your sweet spot for lending parameters?
Deal Type – Acquisitions, Digital Conversions, New Builds, Recaps, Real Estate & Easement Acquisitions
Deal Size – $2MM – $15MM; however, capacity exists to go higher or lower if the deal/relationship makes sense.
Profile – Experienced Operators, Stabilized or Pro Forma Cash Flow, Adequately Capitalized Operation, Growth Opportunities, Recourse
Expect a Banking Relationship after closing – Yes
Will you underwrite for all of North America?
If opportunities make sense, we will definitely take an objective look at each viable deal regardless of location. However, from a resource allocation standpoint we are coming out of the gate with a laser-focused effort in the Mountain West and Texas markets.
Are you going to be available at either the IBO or OAAA conferences coming up?
Yes, I will be attending the IBOUSA/New Orleans conference in April, and, still to be determined on the OAAA conference in May.
How do I contact you if I am interested?
You can contact me either by email at steve.haggard@nrim.com or my phone number (480)-244-6275.
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