Another time, Yamada warned his client not to do business with two companies whose creditworthiness was questionable. This time Lugo ignored the advice and got burned. "I listen a little more now," he says humbly. In general, Yamada praises Lugo for his ability to listen: "Despite being a very successful and well-thought-of CEO, he retains the humility that he started with. He abides by all of the advice that he garners."
And Seafirst gives him plenty of it. "Education is a big part of what Seafirst offers," Lugo emphasizes. "I've learned an amazing amount from the people there." When he offhandedly mentioned that he was thinking about doing some international sales, Yamada set up a lunch with an international banker who went through all of the ins and outs -- "things I had no knowledge of," says Lugo. Another time, Lugo remarked that he was having trouble managing cash: "Bingo, Glenn set up another meeting with money experts, who taught my bookkeeper how to do it." Then Lugo wanted to buy another business: "Bingo, another meeting."
Meanwhile, Yamada updates Lugo on building and economic trends, goes over his financial statement with him monthly, and suggests to him when and when not to borrow. "Glenn is what bankers used to be," declares Lugo. "Bankers used to be businesspeople who lent money. Now the image of a banker is of someone who knows how to process paperwork but who knows nothing about your business or about business in general."
Although Yamada can talk business, he has also helped his client talk banking. He encouraged Lugo to take a Seafirst-sponsored class on how banks look at a company's financial statement, which helped Lugo speak the bank's own language. "You don't really understand what bankers are talking about, or why they won't say yes to a loan, unless you speak bankese," he claims. "I didn't speak bankese before. I speak it now." As a result, Lugo can frame his requests and format his numbers "in a way that makes the bank more comfortable and more friendly to my packet."
The tight relationship between Lugo and Seafirst includes some mutual back-scratching. Lugo steers promising young companies toward Seafirst. Yamada gets Lugo on the bidding list for bank construction projects. (He's done several remodelings and built a branch office.) All the while, Lugo regularly turns away suitors who offer to slash his interest rates or boost his credit line. "Seafirst makes a lot of money off me," he reasons, "but it also teaches me how to make a lot of money."
-- Jerry Useem
WHERE TO FIND THE BANKS
Here are 26 lenders that stand by their customers
AmSouth Bank of Alabama
Birmingham Main Office
P.O. Box 11007
Birmingham, AL 35288
205-581-7639
Chemical Bank
95-25 Queens Blvd.
Rego Park, NY 11374
718-830-5796
Enterprise Bank
Bellevue Branch
11225 Southeast 6th St.
Bellevue, WA 98004
206-340-1172
Fidelity Bank
7600 Parklawn Ave.
Edina, MN 55435
612-831-6600
Fifth Third Bank of Northwest Ohio, NA
337 South Main St.
Findlay, OH 45840
419-424-8534
First American Bank
Main Office
First American Center
Nashville, TN 37237-0510
615-748-2605
Firstar Bank Madison
1 South Pinckney St.
Madison, WI 53703
608-252-4000
First Commercial Bank of Tampa
4600 West Kennedy Blvd.
Tampa, FL 33609
813-287-0500
First National Bank of Kansas
600 North 4th St.
Burlington, KS 66839
316-364-8472
First Tennessee Bank
206 North Main St.
Greenville, TN 37745
615-639-8141
First Union National Bank of Florida
Florida -- Jacksonville
225 Water St.
Jacksonville, FL 32202
904-361-3237
First Union National Bank of Florida
Commercial Banking
100 South Ashley Dr.
Tampa, FL 33602
813-276-6000
First Union National Bank of North Carolina
First Union Capital Markets
One First Union Center
301 South College St.
Charlotte, NC 28288-0735
704-383-6784
Franklin National Bank
of Virginia
1421 Prince St.
Alexandria, VA 22314
703-683-4138
George Mason Bank
11185 Main St.
Fairfax, VA 22030
703-352-1138
Imperial Bank
Santa Clara Valley Regional Office
226 Airport Pkwy.
San Jose, CA 95110
408-451-8505
Los Alamos National Bank
P.O. Box 60
Los Alamos, NM 87544
505-662-5171
Mark Twain Banks
Commercial Finance Division
12140 Woodcrest Executive Dr.
St. Louis, MO 63141
314-579-2323
NationsBank NA
Professional & Executive Banking Division
7316 Wisconsin Ave., 2nd Floor
Bethesda, MD 20814
301-571-9870
New Canaan Bank & Trust Co.
208 Elm St.
New Canaan, CT 06840
203-966-7100
Norwest Bank Wisconsin, NA
Main Office -- Corporate Banking
100 East Wisconsin Ave., Suite 1400
Milwaukee, WI 53202-4101
414-224-7405
Park Bank
Downtown
330 East Kilbourn Ave.
Milwaukee, WI 53202
414-466-8000
Seafirst (Seattle First National)
4th & Madison
1001 4th Ave., 4th Floor
Seattle, WA 98154
206-358-0842
State Central Bank
601 Main St.
Keokuk, IA 52632
319-524-1021
Union Bank
5855 Topanga Cyn Blvd.
Woodland Hills, CA 91367
818-595-2081
United Bank of Michigan
2620 Horizon Dr., Southeast
Grand Rapids, MI 49546
616-957-3941
