Spokane Journal of Business

Wheatland Bank launches wealth-management division

Spokane-based, 13-branch institution hires adviser to lead newly created unit

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Wheatland Bank, of Spokane, says it has added wealth management services and has hired veteran financial adviser to lead the launch of the new business line.

Newly created Wheatland Wealth Management is an in-house brokerage and financial planning division of Wheatland Bank offering services through Investment Centers of America, the bank says in a press release issued last week.

The newly hired financial adviser is Dale Cloninger, who has more than 14 years of experience in the financial services industry serving clients through Eastern and Central Washington, the bank says.

A Spokane native and Eastern Washington University graduate, Cloninger gained the title of chartered retirement planning counselor from the College of Financial Planning and holds professional registrations in several states, it says.

"We are pleased to welcome Dale Cloninger to the Wheatland Bank team," says Susan M. Horton, president and CEO of Wheatland Bank, in the press release.

She adds, "From business owners to farmers dealing with strategic and wealth management plans, to individuals who are building wealth and planning for retirement, Dale has the experience and knowledge to aid our customers in planning for their financial future."

Founded in 1979 in Davenport, Wash., Wheatland Bank has grown to 13 branches in Spokane, Lincoln, Adams, Douglas, Grant, Yakima, and Kittitas counties, and says it now serves more than 14,000 customers.

The bank recently reported second-quarter net income of $588,000 in a filing with the Federal Deposit Insurance Corp., down slightly from $611,000 in the 2012 second quarter, but up from $360,000 in the first quarter this year.

As of June 30, it reported loans of $146.3 million, deposits of $274.5 million, and total assets of $316.4 million.

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