Bank of the West (also called Bank West) has roots dating back to 1874, when they were one of just ten banks in the United States authorized to issue paper currency (then backed by gold reserves). By lending prudently and developing a large and satisfied clientele, Bank of the West has to continued to expand its footprint across the West coast. With over $62 billion in assets and a very strong balance sheet, the bank is amongst the largest regional banks in America. Not surprisingly given the bank’s name, Bank of the West’s customer base and branches are located on the western half of the US, primarily in California. Bank of the West is a subsidiary of BancWest, an international finance corporation, and owned by BNP Paribas.
Bank of the West annually sponsors a women’s tennis tournament held at Stanford University, cleverly titled the Bank of the West Classic. The event has established itself as the longest running women’s tennis tournament worldwide, and is part of the playoffs for the US Open.
Customer Experience
Being big doesn’t always equate with being the best, especially when it comes to customer service. But customer satisfaction polls have ranked Bank West at the very top of the list among California residents for the last 3 years, according to JD Power and Associates.
The Bank of the West website indicates their commitment to personal customer service, community endeavors and prudent financial management. Backed by the grizzly bear logo, Bank of the West's bearish stance on its balance sheet has kept the bank in business for over 135 years.
Financial Stability
Bank West largely avoided the disastrous consequences so many other large institutions fell victim to in the last few years by prudent management and sticking to their philosophy of fiscal responsibility. Despite having a large presence in California, one of the hardest hit states in the recent real estate crisis, Bank West did not receive federal bailout funds. As a result, the bank has a more fiscally healthy platform than many of its competitors.
Consumer Products and Services
Specializing in consumer banking, credit and commercial banking, Bank West offers checking and savings accounts that are comparable to the industry standard. The bank has implemented mobile banking onto its platform, and released a Bank of the West iPhone application. To expand business, the bank routinely has promotional offers to customers opening a new checking or savings account. Many of the bank’s accounts can be opened online with a $100 minimum deposit.