First Bank Yuma engaged in Nogales produce community
First Bank Yuma engaged in Nogales produce community
nogales, az — Amid produce industry concern that national banks are withdrawing service from this border town, Nogales industry leaders are sending praise in the direction of First Bank Yuma.
First Bank Yuma officials told The Produce News that they would not discuss the policies and decisions of other banks.
But, Ed Kerwin, executive vice president of First Yuma, said, “We made a commitment to the [Nogales] area. We opened a loan office here in 2013.” On Aug. 10 First Bank Yuma became a full-service Nogales bank.
“A lot of our customers are in the produce business. We are a business bank. We are very excited to be here,” Kerwin said. “If you’re committed to the area, you’re committed to produce. If you are a community bank, you have to be dedicated.”
First Bank Yuma has financed Nogales produce warehouse construction and remodeling. As well as equipment needed by the produce industry. In only two years, the bank has $20 million in loans in Nogales.
Clay Naff, vice president and commercial loan officer of First Bank Yuma, said the U.S. Treasury’s Bank Secrecy Act, which sprung into law after the 2001 terrorist attacks, strictly requires that banks receive information on money handled by their clients. To do this, a good working relationship and familiarity is required with clients. A small community bank can have those relationships, Naff noted.
“Our customers have to know we have to ask a lot of questions,” Kerwin added.
The questions particularly arise with unusual transfers of money. These rare events require some discussion but for customers who understand the bank’s position, this is not a huge issue.
Kerwin said the Bank Secrecy Act is to avoid money laundering and related illicit drug or terrorist activity.
“You have to know exactly what your customers are doing,” Naff added. “It is very technical but we know our clients.”
Kerwin said he was been associated with the bank since it first opened in Yuma in 2001. He encouraged the opening of the Nogales branch.
Danny Bryant is First Yuma’s chairman and Terry Frydenlund is the president and chief executive officer.
