Western Financial Group subsidiary Bank West has surpassed $100 million in total outstanding loan balances as of March, the parent company announced.

The loan portfolio was built over a three year time frame, as was originally projected when Bank West was first launched.

“The $100 million mark is very significant for us. It was the initial target level at which we felt the bank could be viable,” said Scott Tannas, chairman of Bank West. “The fact that the bank has achieved this in the projected time frame is an important validation of our strategy. We now have a sizeable portfolio, completion of amortization costs of the Bank from start-up, unallocated loss provisions of over $700,000 already set aside, and a competent and already-seasoned core group of employees in place. In fact, all the pieces we need to grow the bank profitably going forward,” he said.

Bank West has received strong support from WFG Agency Network offices, primarily through financing of insurance policy premiums, and from the communities in which the network operates. The majority of individual loan transactions are with WFG Agency Network customers and approximately three quarters of the total loan portfolio originates in Western Financial Group communities.

Bank West is a Schedule 1 chartered bank that commenced operations on Jan. 30, 2003. Its current product range includes consumer lending, commercial equipment financing (loans and leases), residential mortgage lending and dealership financing (financing conditional sales agreements referred by automobile, recreational vehicle and marine dealerships). The bank’s loan portfolio has grown at an average rate of $4+ million per month in recent quarters.