WELLS FARGO PROVIDED FINANCING FOR NEW YMCA IN VANCOUVER
VANCOUVER — April 18, 2000
Wells Fargo Community Development Manager Bernie Kronberger asked a simple question that turned into a 50,000-square-foot answer in Vancouver, Wash., for the YMCA of Columbia-Willamette.
In November 1998 Kronberger was talking to Rob Sederstrom, the YMCA's Chief Financial Officer. Sederstrom mentioned he was looking for a conventional loan for a proposed community activity center in Vancouver.
The YMCA had already raised about $5.5 million in donations for the project. The non-profit agency had planned to build a 42,000-square-foot facility at a total cost of about $8.7 million.
Kronberger had recently seen the YMCA's new 48,000-square-foot facility in Sherwood, a Portland suburb that has a much smaller population than Clark County.
"Why are you building a smaller facility in an area with a much larger population base," he asked.
The answer: That's all we can build with the money we can borrow.
Kronberger returned to the YMCA three days later with a Wells Fargo financial commitment that guaranteed the YMCA the funds it needed to build a larger facility in Vancouver.
Eventually, a team effort among Wells Fargo's Regional Commercial Banking Office and other departments of the company resulted in a $3.9 million variable-rate bond for the YMCA that made the expanded project a reality.
Sederstrom gave high marks to Wells Fargo for initiating and completing the deal.
"There wasn't a wrinkle in the process," he said.
The result will be unveiled May 6 at the opening of the Clark County YMCA, 11324 N.E. 51st Circle in Vancouver. The new center includes an enclosed pool with a retractable roof, a multi-use gym, a climbing wall, a rope course, a child watch area for babies and toddlers, a multigenerational wellness center, and family locker rooms.
More information about memberships at the facility can be obtained by calling the YMCA at (360) 885-YMCA (9622).
Founded in 1852, Wells Fargo & Company is a $222 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores, the Internet (http://www.wellsfargo.com/ ) and other distribution channels across North America, including all 50 states, and elsewhere internationally. In December 1999, American Banker named Wells Fargo the leading small-business lender in the nation.
The Columbia-Willamette YMCA provides fitness, health enhancement and employee wellness programs for the community.