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New D.C. bank opens its doors
(Published June 14, 2004)

By ABBEY MORROW
Special to The Common Denominator

Washington First Bank, the first District of Columbia-chartered financial institution, opened its doors this month at 1500 K St. NW to an official grand opening and ceremonial ribbon-cutting with local dignitaries and CEO Shaza Andersen at the helm.

With its unique status as the city's inaugural charter bank, Washington First plans to meet a wide range of the community’s personal and business banking needs, officials said.

"Our focus is on customer service and making banking accessible and flexible. We’re looking forward to being able to offer both our business and personal account holders a more localized approach to banking," Andersen said.

Formerly executive vice president and chief operating officer of Century National Bank, Andersen is joined by a board of directors made up of local business leaders who assert they are committed to supporting the local economy’s growth.

"I am really proud to be a part of this, and to make a difference in the District of Columbia. We hope to make the District of Columbia proud of us," said Michael Amin, the bank's first vice president.

By offering products designed to help both small and not-for-profit businesses succeed, the bank hopes to earn a reputation for combining its more sophisticated resources and expertise with "hometown banking" and personalized customer service.

Online banking, courier services, direct deposit, loans and free automated-teller transactions are among the bank's features.

Local officials said they hope that other enterprising professionals will follow Washington First’s lead, and help grow the District into a major national financial center.

Meanwhile, Washington First’s more immediate goal is cultivating its clientele’s level of satisfaction by providing a quality banking experience for every customer.

"As a local bank, we provide a level of service we believe is unmatched, while offering competitive products and services offered by larger banks. We treat you as a human being, not a number," Amin said.

At Washington First, bank customers can expect to be greeted by name, and for bankers to make them feel welcome. The bank’s mission statement says that it steers clear of "cookie cutter" answers to individual’s banking questions and treats each customer with a "creative, personalized approach."

"Our goal is to make banking as convenient as possible," Amin said.

The bank raised more than $9.3 million in initial capital, $3.3 million more than the requisite $6 million mandated by the D.C. Department of Banking and Financial Institutions.

This is not the first venture that has tried in recent years to create a D.C.-based financial institution. In 2001, Legacy Banc received its charter to become the first D.C. bank, but has failed to raise the necessary capital to open.