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Coast River


September 2009

We mean BUSINESS ... in the Columbia-Pacific Region Volume 4, Issue 9
Published the last Friday of each month
Pacific Expedition Bank of
now crafting yachts the Pacific
at Tongue Point raises over
Tough economy drives interest in
See page 14
See page 10
$10 million
by Joanne Rideout

W ashington-based Bank of the Pa-
cific raised in excess of $10 million
this summer through a capital campaign.
The bank handled the fund-raising effort
through a private placement offering that
was scheduled to close Aug. 31, a few days
NEW BUSINESS after CRBJ’s September issue press date.
Way Kool Thrift Store offers quirky The final figure for the funds raised will be
art, bargains available after the offering closing date.
Paul Reese, CFA [Charter Finanical An-
See page 24 alyst] is managing director with investment
brokerage firm Howe, Barnes, Hoeffer and
Arnet in San Francisco. Reese is familiar
with Bank of the Pacific, and consulted with
Pacific Expedition Yachts owners John Shaw (left) and Patrick Meyer the company in the early stages of its recent
recently began building custom yachts in their shop at Tongue Point in private placement process.
Astoria. Photo: Joanne Rideout He said Bank of the Pacific had a legal
obligation to customers to raise the money
as expediently as possible. That’s because
INSIGHTS Pacific had an exceptionally good year, after
Astoria Sunday Market Executive BANK OF PACIFIC, page 
Director Cyndi Mudge

Help for businesses
See page 34

showcased at lenders summit
by Joanne Rideout nized and sponsored by CEDR, Clatsop “The Recovery Act has changed some Economic Development Resources. of the rules,” Gardner said. “The intent is
REAL ESTATE & Construction CEDR Directoar Rick Gardner said to help small businesses that have histor-
Hoffman Center Annex to
receive major upgrade
F inancial help for area small busi-
nesses could become more avail-
able locally, thanks to an educational
the idea was to bring together the area
financial community and national and
state resource providers.
ically done well but are suffering in this
Under Recovery Act guidelines, the
See page 35 banking summit held in Astoria in Au- SBA is permitted to guarantee some loans
“There have been a lot of new pro-
gust. The seminar was designed to up- grams coming out and a lot of confu- up to 90 percent if borrowers default. The
date regional banks and credit union sion,” he said. “It was a chance for the provision may make it more appealing to
staff about federal and state loan guaran- local institutions to lend money through
DEPARTMENTS tee programs that are working with Re-
banks to talk to the resource providers
and ask questions.” these programs.
Publisher’s Note . . . . . . . . . . . . . . . . . 2 covery Act stimulus funding and other Among session highlights were infor- Business owners can check with their
News at a Glance . . . . . . . . . . . . . . . . 4 monies. mation about SBA Micro-Loans, USDA financial institution about the availability
Making Waves . . . . . . . . . . . . . . . . . 18 The three-hour “Business Leaders farm loans, economic development loans of ARC loans - participation is voluntary
CRBJ Contact Info . . . . . . . . . . . . . . 22 Summit” at the Holiday Inn Express pro- for banks and credit unions. (See further
designed to help businesses create jobs,
New Business & Feature . . . . . . . 21 vided an overview of public sector loan and interest-free federal ARC loans for details about ARC loans on page 3).
Articles • Corporate Filings • Guest programs for businesses. small businesses. Federal lending reps at the meeting
Columns • Insights • Meeting Participants heard presentations from While ARC loans could be a godsend said they would consider each loan appli-
Notices cation on a case-by-case basis to deter-
the U.S. Small Business Administration, for businesses hit hard by the recession,
Real Estate & Construction . . . . 35 the United States Department of Agricul- banks have been slow to embrace them. mine if a business currently in financial
Articles • Top Properties • Building ture, the Oregon Economic Development SBA criteria for ARC loans include im- trouble is still a sound investment.
Permits and Community Development Depart-
(503) 325-2999 mediate financial hardship, declining ment, and the Columbia Pacific Develop- sales and revenue, reduced working capi-
ment Resources. The summit was orga- tal and difficulty paying employees. LENDERS, page 
September 2009 • 10 NEWS Coast River Business Journal

Pacific Expedition
diesel fuel.
Shaw said catamarans can be the ul-
timate “green” boat in terms of fuel con-
sumption because they are light to begin

begins crafting yachts at Tongue Point
with and carry no ballast. That translates
into less diesel burned per mile and a
smaller carbon footprint overall.
The wide base of the vessel creates
by Joanne Rideout U.S. and the U.K. are the last bastions of “They can’t wait five to 10 years to high initial stability - meaning it’s un- monohulls.” get the boat they want,” Meyer said. likely to capsize. Their composite con-
Inside an old hangar building at Most clients will pick up their boats struction makes them almost unsinkable:

T he industrial waterfront at Tongue Tongue Point, on the former premises at the Tongue Point factory and motor even the parts will float.
Point in Astoria is seeing new of a WWII Navy seaplane base, are two them home, which could potentially be “The nature of the boat is that its sea-
business life these days, thanks to an in- large yachts in progress. Curved pieces anywhere on the globe. keeping ability is excellent,” Shaw said.
triguing firm with a maritime focus. of composite boat parts lie on the floor, Shaw said Australian naval architect Shaw and Meyer hope PE’s presence
Pacific Expedition Yachts, which has waiting to be assembled. The pungent Stuart Bloomfield created the basic hull at Tongue Point will encourage other
another operation on the Central Oregon smell of epoxy resin permeates the air design, but owners can potentially have a maritime-related businesses to locate
Coast, set up shop quietly at Tongue Point – evidence that fiberglass construction great deal of input about interior features there. Pacific Expedition’s growth plans
earlier this year and recently began pro- is taking place. To Meyer it smells like and décor to make sure the boat fits their include adding motorsailing catamaran
duction of custom luxury yachts at the progress. tastes and needs. yachts to their inventory, with another
east Astoria industrial site. The company But creating a custom yacht is a care- Meyer said the boats feature luxury unusual feature – hybrid electric en-
hired six employees from the local area ful, painstaking process. “We build them accommodations specially designed for gines.
this summer, and their goal is to have a one at a time,” he said. efficiency at sea. Amenities include gran- “As people get into bigger yachts, we
staff of 30. One of the boats under construction ite countertops with baffle construction see it as an expedition boat,” Meyer said.
Pacific Expedition builds large rec- is a 44 ft.-long motor cat designed for that reduce the weight of a given boat by “This is the platform for a thousand pas-
reational motor catamarans designed for coastal cruising. 700 lbs. compared to conventional mate- sions.”
coastal and ocean voyaging. The price The other is a massive 65 ft. ocean rials - a consideration in this era of pricey
tag for one of its finished boats? Between expedition cat that will have a working
$700,000 and $2 million. range of about 3,000 miles.
John Shaw and Patrick Meyer own Out of the water, both hulls look sur-
Pacific Expedition; the two business real and oddly curved, and the huge span
partners together span a gamut of skills. between the hulls on the 65-footer allows
Shaw is an experienced Pacific North- for roomy cabins.
west boat builder and artisan whose com- Meyer said the concept of a catama-
pany Shaw Boats, based in Grays Harbor, ran motor yacht is catching on with a cer-
built large custom sailing catamarans for tain segment of the boating public.
about 15 years. Meyer is also a marine “We’re in the process of building the
enthusiast whose specialties are customer brand,” he said. “Cats by nature are a
service, marketing and public relations. niche market.”
The company, which started about Meyer said the company has gotten
five years ago, is branching out to Asto- inquiries from divers, treasure hunters,
ria from its original home base in Toledo, and charter boat operators who are look-
Ore., on the Yaquina River. ing for a roomy, stable platform at sea.
The Toledo community shares some The catamaran design also features
similarities with Astoria: it’s located just shallow draft - meaning even a large
a few miles from the ocean, on a river Pacific Expedition yacht will need less
with a deep-water channel. than four feet of water under the bottom.
After an initial few years of research This gives the boats greater range with-
and development, Pacific Expedition’s out danger of running aground. They
first boats are now being built in Asto- can reach speeds of 20 knots, far faster
ria. than most recreational monohulls of the
The type of boats the company builds same length. That high speed capability,
has thus far been mostly the province of Meyer said, is a deterrent to piracy that
high-speed ferries and specialized mili- appeals to expedition voyagers in some
tary craft in the U.S, while recreational parts of the world.
“cat” motorboats are something relative- Another segment of Pacific Expedi-
ly new here. tion clients are wealthy retirees who are
“Other countries like France and looking to enjoy their retirement years,
New Zealand have motor cats,” Meyer and are still in the market for a high-end
said. “From an offshore perspective, the boat despite the recession. This motor catamaran yacht is under construction at Pacific Expedition. Photo: Joanne Rideout

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