"businessman's Bank" Serves Entrepreneurs

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Four years ago, Mike Turk found that a lot of banks in San Diego weren't taking him seriously when he talked about starting his own general contracting and development company.But Imperial Bank came through with a loan package that got M.E. Turk Co. on its way to becoming a $4-million-a-year business. "They gave me the support and flexibility that I've needed to grow," the 30-year-old entrepreneur says. "It's like they invest in you for the future."

Imperial Bank, based in Los Angeles, is aggressively a businessman's bank. Its clientele consists almost totally of entrepreneurs and small and medium-sized companies with big appetites for loans (starting at about $500,000). A high percentage of its customers belong to the high-tech, manufacturing, and construction industries. "We discourage mom-and-pop operations," says an officer at Imperial's Oakland branch. "But we're willing to work with the entrepreneur on the way up. We have professional, hand-picked people here who deal with professional clients. Our customers get quicker service and the job is done right. It's an All-Star team."

The head of that team is Imperial's president, Alvin C. Rice, a former Bank of America vice-chairman who quit after a dispute with A. W. Clausen, then the Bank of America president. Rice became president of Imperial in September 1979 and within 18 months doubled the bank's assets to $1.1 billion.

In the first half of 1981, Imperial reported a 65% gain over the previous year -- $8.9 million, or $1.27 a share, an increase from $5.4 million and 86? a share. In early 1980, Imperial was selling in the over-the-counter market at $6 a share; by July of this year, that figure stood at $29.50, following two 2-1 splits and two 15% stock dividends.

A spokeswoman at the Los Angeles headquarters ascribes Imperial's success to "making good loans and being very selective." But Mike Turk credits it to the bank's personalized service. "I've never had a bank where my banker regularly calls me up and asks me how things are going. It makes me feel loyal."