Mountain West Seeks Change

Mountain West Bank has applied to the state of Idaho to become a state-chartered commercial bank.

The move would allow the Coeur d’Alene-based bank to expand its commercial loans, said Ronn Rich, chief financial officer.

Mountain West was chartered as a federal thrift in 1993, but that charter limits how much of the bank’s assets can be in commercial loans, he said.

Shareholders gave the bank authority to pursue the new charter in 1996. However, the bank waited while Congress considered creating a new charter for national banks.

Since that legislation appears stalled, Mountain West decided to move ahead. Bank officials hope for regulatory approval by mid-summer.

Bank earnings dipped slighly last year, due to costs associated with opening a Boise branch and other one-time expenditures.

Earnings for the fiscal year ending March 31 were $459,789, or 65 cents per share, compared with $501,177, or 88 cents per share a year ago.

In addition to opening the Boise branch, other one-time costs included an upgrade of the bank’s data processing system, and a new marketing program to reach potential checking customers.