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50 Largest Employers in Arizona - AZ Business Magazine January/February 2012

50 Largest Employers In Arizona

These are the 50 largest employers in Arizona, including public and privately held companies and not-for-profit corporations, ranked by the number of employees based on full-time equivalents of 40 hours per week and based on industry research.


50 Largest Employers in Arizona

Walmart Stores Inc.

Arizona employees in 2011: 30,634
Employment change since 2010: Added about 300 jobs
2010 revenue: $421.8 billion
Company’s focus: Discount retailer
Year founded: 1962
Headquarters: Bentonville, Ark.
Phone: (479) 273-4000
Website: www.walmart.com

Banner Health

Arizona employees in 2011: 28,353
Employment change since 2010: Added about 600 jobs
2010 revenue: $4.9 billion
Company’s focus: Health care
Year founded: 1911
Headquarters: Phoenix
Phone: (602) 747-4000
Website: www.bannerhealth.com

Wells Fargo & Co.

Arizona employees in 2011: About 14,000
Employment change since 2010: Stayed about even
2010 revenue: $93.2 billion
Company’s focus: Financial services
Year founded: 1852
Headquarters: San Francisco
Phone: (800) 411-4932
Website: www.wellsfargo.com

Bank of America Corp.

Arizona employees in 2011: 13,300
Employment change since 2010: Added about 2,000 jobs
2010 revenue: $150.5 billion
Company’s focus: Financial services
Year founded: 1904
Headquarters: Charlotte, N.C.
Phone: (800) 944-0404
Website: www.bankofamerica.com

McDonald’s Corp.

Arizona employees in 2011: 12,770
Employment change since 2010: Added about 955 jobs
2010 revenue: $22.7 billion
Company’s focus: Food service
Year founded: 1955
Headquarters: Oakbrook, Ill.
Phone: (800) 244-6227
Website: www.mcdonalds.com

Apollo Group Inc.

Arizona employees in 2011: About 12,000
Employment change since 2010: Lost about 460 jobs
2010 revenue: $4.9 billion
Company’s focus: Educational services
Year founded: 1973
Headquarters: Phoenix
Phone: (480) 966-5394
Website: www.apollogrp.edu

Kroger Co. *

Arizona employees in 2011: About 12,000
Employment change since 2010: Added about 400 jobs
2010 revenue: $76.7 billion
Company’s focus: Grocery stores
Year founded: 1883
Headquarters: Cincinnati
Phone: (623) 936-2100
Website: www.frysfood.com
* Includes Fry’s Food Stores and Fry’s Marketplace

Raytheon Co.

Arizona employees in 2011: 11,500
Employment change since 2010: Lost about 600 jobs
2010 revenue: $25.2 billion
Company’s focus: Missile manufacturing
Year founded: 1922
Headquarters: Waltham, Mass.
Phone: (520) 794-3000
Website: www.raytheon.com

JP Morgan Chase & Co.

Arizona employees in 2011: 10,500
Employment change since 2010: Added about 600 jobs
2010 revenue: $102.9 billion
Company’s focus: Financial services
Year founded: 1799
Headquarters: New York
Phone: (602) 221-2900
Website: www.chase.com

Honeywell International Inc.

Arizona employees in 2011: 9,716
Employment change since 2010: Lost about 700 jobs
2010 revenue: $33.4 billion
Company’s focus: Aerospace manufacturing
Year founded: 1952
Headquarters: Morristown, N.J.
Phone: (602) 231-1000
Website: www.honeywell.com

Intel Corp.

Arizona employees in 2011: 9,700
Employment change since 2010: Stayed about even
2010 revenue: $43.6 billion
Company’s focus: Semiconductor manufacturing
Year founded: 1968
Headquarters: Santa Clara, Calif.
Phone: (480) 554-8080
Website: www.intel.com

Target Corp.

Arizona employees in 2011: 9,300
Employment change since 2010: Added about 500 jobs
2010 revenue: $65.4 billion
Company’s focus: Discount retailer
Year founded: 1962
Headquarters: Minneapolis
Phone: (612) 304-6073
Website: www.target.com

US Airways

Arizona employees in 2011: 8,926
Employment change since 2010: Added about 150 jobs
2010 revenue: $11.9 billion
Company’s focus: Airline
Year founded: 1981
Headquarters: Tempe
Phone: (480) 693-0800
Website: www.usairways.com

Catholic Healthcare West

Arizona employees in 2011: 8,291
Employment change since 2010: Added about 500 jobs
2010 revenue: $9.9 billion
Company’s focus: Health care
Year founded: 1986
Headquarters: San Francisco
Phone: (602) 406-3000
Website: www.chw.edu

Home Depot Inc.

Arizona employees in 2011: About 8,000
Employment change since 2010: Added about 350 jobs
2010 revenue: $66.2 billion
Company’s focus: Home improvement
Year founded: 1978
Headquarters: Atlanta
Phone: (714) 940-3500
Website: www.homedepot.com

Walgreen Co.

Arizona employees in 2011: 7,750
Employment change since 2010: Stayed about even
2010 revenue: $63.3 billion
Company’s focus: Retail drugstores
Year founded: 1901
Headquarters: Deerfield, Ill.
Phone: (847) 940-2500
Website: www.walgreens.com

Safeway Stores Inc.

Arizona employees in 2011: 7,500
Employment change since 2010: Stayed about even
2010 revenue: $41.1 billion
Company’s focus: Grocery stores
Year founded: 1926
Headquarters: Pleasanton, Calif.
Phone: (480) 894-4100
Website: www.safeway.com

American Express Co.

Arizona employees in 2011: 7,465
Employment change since 2010: Added about 200 jobs
2010 revenue: $30.2 billion
Company’s focus: Financial services
Year founded: 1850
Headquarters: New York
Phone: (623) 492-7474
Website: www.americanexpress.com

Freeport-McMoRan Copper & Gold Inc.

Arizona employees in 2011: About 7,000
Employment change since 2010: Added about 935 jobs
2010 revenue: $19 billion
Company’s focus: Mining
Year founded: 1834
Headquarters: Phoenix
Phone: (602) 366-7323
Website: www.fcx.com

Pinnacle West Capital Corp.

Arizona employees in 2011: 6,900
Employment change since 2010: Stayed about even
2010 earnings: $330.4 million
Company’s focus: Electric utility
Year founded: 1985
Headquarters: Phoenix
Phone: (602) 250-1000
Website: www.pinnaclewest.com

Bashas’ Supermarkets

Arizona employees in 2011: 6,641
Employment change since 2010: Lost about 1,800 jobs
2010 revenue: Unavailable
Company’s focus: Grocery stores
Year founded: 1932
Headquarters: Chandler
Phone: (480) 895-9350
Website: www.bashas.com

Scottsdale Healthcare

Arizona employees in 2011: 6,556
Employment change since 2010: Added about 55 jobs
2010 revenue: Unavailable
Company’s focus: Health care
Year founded: 1962
Headquarters: Scottsdale
Phone: (480) 882-4000
Website: www.shc.org

UA Healthcare

Arizona employees in 2011: About 6,000
Employment change since 2010: Added about 2,050 jobs
2010 revenue: Unavailable
Company’s focus: Health care
Year founded: 1971
Headquarters: Tucson
Phone: (520) 694-7737
Website: www.u.arizona.edu

Circle K Corp.

Arizona employees in 2011: 5,690
Employment change since 2010: Added about 590 jobs
2010 revenue: $16.4 billion
Company’s focus: Convenience stores
Year founded: 1951
Headquarters: Laval, QC, Canada
Phone: (602) 728-8000
Website: www.CircleK.com

General Dynamics

Arizona employees in 2011: 5,026
Employment change since 2010: Added about 1,810 jobs
2010 revenue: $32.5 billion
Company’s focus: Defense, communications
Year founded: 1952
Headquarters: Falls Church, Va.
Phone: (480) 441-3033
Website: www.generaldynamics.com

Boeing Co.

Arizona employees in 2011: 4,800
Employment change since 2010: Added about 100 jobs
2010 revenue: $64.3 billion
Company’s focus: Aircraft manufacturing
Year founded: 1916
Headquarters: Chicago
Phone: (480) 891-3000
Website: www.boeing.com

Carondelet Health Network

Arizona employees in 2011: 4,690
Employment change since 2010: Added about 124 jobs
2010 revenue: About $601 million
Company’s focus: Health care
Year founded: 1880
Headquarters: Tucson
Phone: (520) 872-3000
Website: www.carondelet.org

Mayo Foundation

Arizona employees in 2011: 4,522
Employment change since 2010: Added about 138 jobs
2010 revenue: $7.9 billion
Company’s focus: Health care
Year founded: 1864
Headquarters: Rochester, Minn.
Phone: (480) 301-8000
Website: www.mayo.edu

CVS Caremark Corp.

Arizona employees in 2011: 4,500
Employment change since 2010: Added about 50 jobs
2010 revenue: $96.4 billion
Company’s focus: Pharmaceutical services
Year founded: 1993
Headquarters: Nashville
Phone: (615) 743-6600
Website: www.caremark.com

Salt River Project

Arizona employees in 2011: 4,346
Employment change since 2010: Lost about 392 jobs
2010 revenue: $2.7 billion
Company’s focus: Utility supplier
Year founded: 1903
Headquarters: Phoenix
Phone: (602) 236-5900
Website: www.srpnet.com

Costco Inc.

Arizona employees in 2011: 4,151
Employment change since 2010: Added about 951 jobs
2010 revenue: $76.2 billion
Company’s focus: Membership discount stores
Year founded: 1976
Headquarters: Issaquah, Wash.
Phone: (602) 293-5007
Website: www.costco.com

Abrazo Health Care *

Arizona employees in 2011: 4,089
Employment change since 2010: Added about 951 jobs
2010 revenue: $1.5 billion
Company’s focus: Health care
Year founded: 1997
Headquarters: Nashville
Phone: (602) 674-1400
Website: www.abrazohealth.com
* A division of Vanguard Health Systems

Albertsons Inc.

Arizona employees in 2011: 4,000
Employment change since 2010: Lost about 450 jobs
2010 revenue: $5.9 billion
Company’s focus: Grocery and drug stores
Year founded: 1939
Headquarters: Boise, ID
Phone: (602) 382-5300
Website: www.albertsons.com

FedEx Corp.

Arizona employees in 2011: 3,918
Employment change since 2010: Added about 330 jobs
2010 revenue: $34.7 billion
Company’s focus: Delivery, copy centers
Year founded: 1971
Headquarters: Memphis, Tenn.
Phone: (866) 477-7529
Website: www.fedex.com

Southwest Airlines Co.

Arizona employees in 2011: 3,857
Employment change since 2010: Added about 259 jobs
2010 revenue: $12.1 billion
Company’s focus: Airline
Year founded: 1971
Headquarters: Dallas
Phone: (602) 304-3983
Website: www.southwest.com

Marriott International

Arizona employees in 2011: 3,522
Employment change since 2010: Added about 722 jobs
2010 revenue: $11.7 billion
Company’s focus: Resorts and hotels
Year founded: 1927
Headquarters: Bethesda, Md.
Phone: (301) 380-3000
Website:  www.marriott.com

Qwest Communications Inc.

Arizona employees in 2011: 3,200
Employment change since 2010: Lost about 190 jobs
2010 revenue: $12.3 billion
Company’s focus: Telecommunications
Year founded: 1896
Headquarters: Denver
Phone: (800) 244-1111
Website: www.Qwest.com

United Parcel Service

Arizona employees in 2011: 3,170
Employment change since 2010: Lost about 48 jobs
2010 revenue: $49.5 billion
Company’s focus: Package delivery
Year founded: 1907
Headquarters: Atlanta
Phone: (888) 967-5877
Website: www.ups.com

John C. Lincoln Health Network

Arizona employees in 2011: 3,166
Employment change since 2010: Added about 539 jobs
2010 revenue: $551 million
Company’s focus: Health care
Year founded: 1927
Headquarters:  Phoenix
Phone: (602) 870-943-2381
Website: www.jcl.com

USAA

Arizona employees in 2011: 3,045
Employment change since 2010: Added about 74 jobs
2010 revenue: $17.9 billion
Company’s focus: Financial services
Year founded: 1922
Headquarters: San Antonio
Phone: (800) 531-8111
Website: www.usaa.com

Charles Schwab & Co. Inc.

Arizona employees in 2011: 3,001
Employment change since 2010: Stayed about even
2010 revenue: $4.2 billion
Company’s focus: Financial services
Year founded: 1974
Headquarters: San Francisco
Phone: (800) 435-4000
Website: www.schwab.com

Freescale Semiconductor

Arizona employees in 2011: About 3,000
Employment change since 2010: Stayed about even
2010 revenue: $4.5 billion
Company’s focus: Microchip manufacturing
Year founded: 1953
Headquarters: Austin
Phone: (512) 895-2000
Website: www.freescale.com

IBM Corp.

Arizona employees in 2011: About 3,000
Employment change since 2010: Stayed about even
2010 revenue: $95.8 billion
Company’s focus: Technology services
Year founded: 1924
Headquarters: Armonk, N.Y.
Phone: (800) 426-4968
Web site: www.us.ibm.com

Cox Communications Inc.

Arizona employees in 2011: 2,997
Employment change since 2010: Lost about 67 jobs
2010 revenue: $9.1 billion
Company’s focus: Telecommunications
Year founded: 1962
Headquarters: Atlanta
Phone: (623) 594-0505
Website: www.cox.com

TMC HealthCare

Arizona employees in 2011: 2,966
Employment change since 2010: Lost about 84 jobs
2010 revenue: Unavailable
Company’s focus: Health care
Year founded: 1943
Headquarters: Tucson
Phone: (520) 327-5461
Website: www.tmcaz.com

Verizon Wireless

Arizona employees in 2011: 2,901
Employment change since 2010: Added about 201 jobs
2010 revenue: $63.4 billion
Company’s focus: Wireless provider
Year founded: 1984
Headquarters: Basking Ridge, N.J.
phone: (480) 763-6300
Website: www.verizonwireless.com

Cigna HealthCare of AZ

Arizona employees in 2011: 2,865
Employment change since 2010: Added about 401 jobs
2010 revenue: $21.3 billion
Company’s focus: Health care
Year founded: 1972
Headquarters: Philadelphia
Phone: (602) 942-4462
Website: www.cigna.com

Grand Canyon University

Arizona employees in 2011: 2,818
Employment change since 2010: Added about 537 jobs
2010 revenue: $385.8 million
Company’s focus: Educational services
Year founded: 1949
Headquarters: Phoenix
Phone: (602) 639-7500
Website: www.gcu.edu

Starbucks Coffee Co.

Arizona employees in 2011: 2,783
Employment change since 2010: Added about 1,003 jobs
2010 revenue: $10.7 billion
Company’s focus: Food service
Year founded: 1971
Headquarters: Seattle
Phone: (602) 340-0455
Website: www.starbucks.com

Go Daddy Group Inc.

Arizona employees in 2011: 2,754
Employment change since 2010: Added about 441 jobs
2010 revenue: $741.2 million
Company’s focus: Internet services/technology
Year founded: 1997
Headquarters: Scottsdale
Phone: (480) 505-8800
Website: www.GoDaddy.com

These are the state’s 5 largest government employers, ranked by the number of employees.

State of Arizona: About 49,800 employees
City of Phoenix: About 15,100 employees
Maricopa County: 12,792 employees
Arizona State University: 11,185 employees
Mesa Public Schools: 8,376 employees

Arizona Business Magazine January/February 2012

Corporate Giving - AZ Business Magazine November/December 2011

Corporate Giving More Discriminating, But Still Charitable

Like the economy, a dip in corporate giving appears to have bottomed out, but that charitable landscape has changed both for givers and receivers.

Corporations are re-evaluating which not-for-profit organizations they support, and in some cases businesses are providing more volunteers and less cash. At the same time, fund-raising efforts are changing. Some elaborate parties designed to attract big donors are a little less gala. Instead of the usual full-blown dinner, some groups are opting for less expensive cocktail parties.

Nationally, corporate giving rose 10.6 percent (8.8 percent adjusted for inflation) in 2010, according to the Giving USA Foundation. In Arizona, Laine Seaton of the Greater Arizona Chapter of the Association of Fundraising Professionals says corporate giving is improving, with some caveats.

“It’s starting to get a little better – slowly,” she says. “Two years ago was definitely worse than it is now. I’m seeing that more companies are looking at alternate ways to support nonprofits. Definitely, volunteerism is up. Corporations and nonprofits have to be more flexible. Those chicken dinners are hard to fill.”

At the St. Mary’s Food Bank Alliance, demand for food has nearly doubled in the past three years to a record 74 million pounds, which equates to 285,000 meals a day going to 700 agency-partners in 10 Arizona counties. St. Mary’s depends on a three-pronged operation to serve the increased number of needy and unemployed: financial donations, volunteers to help run the massive distribution center at 31st Avenue and Thomas Road, and food donations.

Terry Shannon, president and CEO of the food bank, says everyone is tightening their belt during these tough economic times. “But, fortunately, the economy has caused many corporations to refocus some of their support,” he says. “Maybe the total they can give is down, potentially donating to fewer nonprofits and focusing on basic needs. Obviously, we supply a very basic need. Our corporate financial support is strong.”

Volunteering is strong as well, saving the food bank $5 million a year in labor costs. “Corporations in Arizona are encouraging employees to volunteer more and more,” Shannon says. “At our main distribution center, we can handle 150 to 200 volunteers at a time. We get many corporate groups from companies like American Express, Wells Fargo, Bank of America and Target. It keeps their employees together – sorting, bagging and boxing food for distribution – and it almost functions as a team-building effort, rather than everyone doing their own thing.”

Food donations from manufacturers and retailers represent the third leg of the food bank’s operations. Some 55 trucks are dispatched to 280 grocery stores daily to pick up what Shannon calls “non-salable but edible” food items, such as a dented can of soup or a package of buns with one that is crushed.

“We’re a food distribution business,” Shannon says, “but we do it with donated and rescued food. Imagine what would happen if we had the food, but no money to put fuel in those 55 trucks (we use to distribute) or if we didn’t have the volunteers.”

In addition to having its employees volunteer at St. Mary’s Food Bank, Wells Fargo announced it is contributing $38,000 to 20 non-profits in recognition of volunteer efforts throughout the community. Twenty Wells Fargo Arizona team members were named Volunteer Service Award winners. Two will have $10,000 given to the charity of their choice and 18 will have $1,000 given to their selected charities.

In 2010, Wells Fargo team members reported nearly 80,000 volunteer hours in Arizona. They served as mentors, board members, project leaders, fund raisers, educators and more. Wells Fargo also donated $5 million in 2010 to nonprofits and schools in Arizona.
Despite the struggles of some corporations and non-profits, Phoenix Suns Charities is cashing in on its community-based reputation. In the past year, the organization distributed a record $1.36 million to 178 charitable organizations. That tops last year’s record of more $1.2 million awarded to 156 recipients, and marks the two best years since Phoenix Suns Charities was formed 23 years ago.

Kathryn Pidgeon, executive director of the NBA team’s charitable arm, has an explanation for the impressive results. “We are connected at the hip to a stellar organization – the Phoenix Suns,” she says. “The community loves the Suns. There is a strong history of giving to the community. Our donors really believe in us, trust us. They know the money is going for the kids.”

The $11.6 million in donations the Phoenix Suns Charities has distributed since 1988 is separate from the free tickets, signed memorabilia and personal appearances by team members, dancers and the mascot, the Gorilla. “My number is all cash,” Pidgeon says.
Grants from Suns Charities start at $1,000. The largest donation of $100,000 went to Improving Chandler Area Neighborhoods to build a basketball court in its new facility in downtown Chandler.

Phoenix Sun Charities is one that still relies on a gala to raise money. “We’ve given people a fabulous party,” Pidgeon says. “It’s wildly successful with great entertainment. All the players are there and they’re accessible.”

Pidgeon says the gala, which is partly underwritten by corporate sponsors, netted $1.1 million last March.

There are numerous other ways Phoenix Suns Charities generates money for its donations. The newest venture is an official state of Arizona Phoenix Suns license plate that produced $39,000 the first year and $51,000 the second year.

A new development in fundraising, says Seaton of the Fundraising Professionals group, is the target audience. The most giving demographic has been women in the 55 to 65 age group. “Nonprofits these days are also looking at twenty-somethings,” she says. “They didn’t have money to give. That’s not the case anymore. Young people want to make a difference. They have energy and new ideas. Social media is part of that effort.”

Arizona Corporate Angels

National Kidney Foundation of Arizona

 National Kidney Foundation, Corporate Giving
4203 E. Indian School Rd., Suite 140
Phoenix, AZ 85018
(602) 840-1644
azkidney.org

Arizona’s Children Association

Arizona Children's Association, Corporate Giving
2833 N. 3rd St., Phoenix, AZ 85004 | (602) 234-3733 | arizonaschildren.org
2700 S. 8th Ave., Tucson, AZ 85713 | (800) 944-7611 | hope3ways.org

United Cerebral Palsy of Central Arizona

United Cerebral Palsy of Central Arizona, Corporate Giving
1802 W. Parkside Ln.
Phoenix, AZ 85027
(602) 943-5472
ucpofcentralaz.org

Arizona School of Choice Trust

Arizona School of Trust, Corporate Giving
P.O. Box 1616
Glendale, AZ 85311
(623) 414-3429
asct.org

Phoenix Rescue Mission

 Phoenix Rescue Mission, Corporate Giving
1801 S. 35th Ave.
Phoenix, AZ 85009
(602) 233-3000
phoenixrescuemission.org

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For more information about these Arizona Corporate Angels and their respective corporate giving, view the AZ Business Magazine Nov/Dec 2011 digital issue.

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Arizona Business Magazine November/December 2011

 

 

One Lexington

Snapshot: Downtown Phoenix Buildings

Gallery of downtown Phoenix buildings. HDR (High Dynamic Range) technique was added to the photo to give a more dramatic effect.


Luhrs Tower


HDR is a set of techniques that allow a greater dynamic range of luminance between the lightest and darkest areas of an image than current standard digital imaging techniques or photographic methods. This wide dynamic range allows HDR images to more accurately represent the range of intensity levels found in real scenes, ranging from direct sunlight to faint starlight.


CityScape



Phoenix City Hall


The two main sources of HDR imagery are computer renderings and merging of multiple photographs, the latter of which in turn are individually referred to as low dynamic range (LDR)[2] or standard dynamic range (SDR)[3] photographs.


Chase Tower


Tone mapping techniques, which reduce overall contrast to facilitate display of HDR images on devices with lower dynamic range, can be applied to produce images with preserved or exaggerated local contrast for artistic effect. —Description courtesy of Wikipedia


Bank of America


Benito Almanza Arizona State President Company: Bank of America - AZ Business Magazine Sept/Oct 2010

CEO Series: Benito Almanza

Benito Almanza
Title: Arizona State President
Company: Bank of America

How would you assess the banking industry’s reactions to the new financial reform law? What are the industry’s biggest concerns, particularly in regards to derivatives and less onerous regulation on small banks?
Bank of America has generally supported reforms, including the formation of a new consumer protection agency. While this reform will ultimately have an effect on many businesses across Bank of America and other financial service companies, customers and clients should not expect any abrupt changes as a result of this legislation. The full impact and scope of the bill may take years to be felt, as regulators establish hundreds of new rules to implement the law.

The year 2009 was a tough one for Bank of America in terms of the federal bailout and executive shakeup. How has repaying the bailout and installing a new CEO affected the company’s operations and public image?
In December, Bank of America took a series of important actions to move our company forward. We repaid the entire $45 billion preferred stock investment provided under the Troubled Asset Relief Program (TARP), plus interest. A few days later, Brian Moynihan was selected to lead our company. He has a level of credibility and broad-based experience few can rival, having led every major line of business in financial services, including wealth management, corporate and investment banking, and consumer and small business banking.

As Arizona president for B of A, how have you — and your peers from other large banks — addressed the concerns Main Street has about Wall Street?
The industry understands that our well-being is interconnected with the health and vitality of the economy and the communities we serve. It is not in any companies’ interest to put profit over common sense. Nor is it in anyone’s interest to lose sight of the value our industry provides among legitimate concerns about the difficulties of the recent past. Our challenge for the foreseeable future — and I think we’re moving in the right direction — is to reconcile this and strengthen our financial system by working with leaders and regulators in a spirit of trust and goodwill.

In speaking for my own company, Bank of America has introduced clarity commitments within our card, deposit and mortgage services to make sure customers receive clear and easy to understand language about their relationship with our bank. In addition, our new overdraft fee changes went into effect July 1, whereby we will decline a debit card transaction at the point of sale when there is not enough money in the account for the transaction, and not charge overdraft fees to the customer.

Small businesses are having a difficult time getting loans and various lines of credit. B of A prides itself on its No. 1 SBA-lender status. How important is that role in the economic recovery?
With 4 million small businesses customers — more than any other bank — Bank of America feels a deep sense of responsibility to support them in every way possible. In the first half of 2010, we provided $45.5 billion in loans to small and medium-sized companies, well on our way to meeting our pledge to increase lending by $5 billion over 2009 levels, or $86.4 billion.

We continue to also look for creative ways to help these businesses bridge to a stronger economy. For example, we recently announced a new program that can help as many as 8,000 small businesses obtain $100 million in federal microloans through nonprofit lenders like CDFIs, by providing CDFIs with grants to cover loan loss reserves required to get the SBA/USDA loan capital. This is low-cost, long-term capital for small business microloans nationwide over the next 12 months.

What challenges and opportunities lie ahead for the banking industry in Arizona?
Arizona’s economy will probably be on a slower track than most states because of the significant losses in our housing and jobs markets. That being said, there are many bright spots to look forward to and we must continue to make every good loan we can and focus on opportunities that will help our long-term economic recovery …

    Vital Stats


  • Has been with Bank of America for more than 30 years
  • Responsible for the overall performance of all business banking activities in Arizona
  • Graduate of Stanford University and Santa Clara University
  • Member of the California State Bar Association
  • Member of the U.S. District Court Northern District Association
  • Member of the Greater Phoenix Leadership and Arizona Bankers Association
  • Serves on the board of Phoenix Aviation and Teach for America
  • www.bankofamerica.com

Arizona Business Magazine Sept/Oct 2010

Financial Institutions Receive Bailout

Financial Institutions In Arizona Are Expected To Receive Bailout Money

While most of Arizona’s state-chartered banks were mulling over their options for federal assistance late last year, Uncle Sam was injecting billions of dollars of new capital into national banking companies with Arizona subsidiaries. The question is whether any of that money from the Department of the Treasury’s $700 billion Troubled Asset Relief Program (TARP) will find its way here.

Although there were a couple of exceptions, nationally chartered banks with Arizona operations didn’t know whether portions of their capital infusions would be earmarked for deployment in Arizona, and they may not know until sometime during the first quarter. The capital comes in the form of federal purchases of senior preferred shares. The Treasury set aside $250 billion for the program.

The Treasury purchased $200 million of shares in Seattle-based Washington Federal Inc., the parent company of Washington Federal Savings. John Pirtle, senior vice president and Phoenix division manager for Washington Federal, estimates the thrift’s Arizona operations will receive about $20 million and use it for mortgage lending.

Western Alliance Bancorporation in Las Vegas, owner of Alliance Bank of Arizona, received $140 million from the Treasury. James Lundy, chief executive officer of the Arizona bank, expects his parent company to share the new capital.

“I would expect we’ll get somewhere between $8 million and $12 million,” Lundy says. “That would be a good estimate. We are well capitalized now, but we do have plans to continue our growth trajectory, which has been pretty strong.”

Alliance Bank would use the capital to “support a bigger balance sheet, so we can gather more deposits to make more loans,” Lundy says. “Banks like ours are the ones making loans to small and mid-size businesses. Despite the economic issues Arizona is facing, we have strong loan demand from borrowers we think are very creditworthy.”

Ten million dollars in new capital can be leveraged to generate $100 million in new loans, Lundy says.

The Treasury purchased $1.715 billion of stock in Milwaukee-based Marshall & Illsley Corporation.

“All the funds are going to be used throughout the franchise,” says Dennis Jones, chairman and president of M&I’s Arizona region. “It’s not a matter of allocating a certain amount of it for Arizona.”

Chicago-based Northern Trust Corporation, parent company of Northern Trust Bank, received a $1.576 billion capital infusion. David Highmark, chairman and chief executive officer of the Arizona subsidiary, says he expects enough of the capital will flow to his bank to allow it to keep growing. Northern Trust Bank’s loan volume is two to three times its normal level.

“If our loan volume continues to grow as it has, we will get a portion of that money allocated to us,” Highmark says.

The parent company is classified as well capitalized, “but we knew, based on our growth, that we would ultimately need more capital. This was a timely opportunity for us,” Highmark notes.

Zions Bancorporation in Salt Lake City, owner of National Bank of Arizona, received $1.4 billion from the Treasury. Keith Maio, president and chief executive officer of the Arizona bank, says he expects his bank will receive some of the capital, but the amount has not been determined. Maio says the funds will be used to bolster the bank’s capital ratios to keep it actively lending, targeting small to medium-size businesses.

Other Treasury stock purchases of nationally chartered banks with Arizona subsidiaries break down as follows:
JPMorgan Chase & Co., New York — $25 billion.
Bank of America, Charlotte, N.C. — $25 billion.
Wells Fargo & Company, San Francisco — $25 billion.
U.S. Bancorp, Minneapolis, owner of U.S. Bank — $6.599 billion.
Comerica Incorporated, Dallas, owner of Comerica Bank — $2.25 billion.
Mutual of Omaha in Omaha, Neb., which acquired First National Bank of Arizona, did not apply for TARP funding.

The Treasury gave publicly traded banks the first opportunity to receive capital infusions, with a Nov. 14 deadline to apply for stock purchases. It issued capital-infusion guidelines later for privately held banks, which had until Dec. 8 to apply. According to the Arizona Bankers Association, most of Arizona’s 33 state-chartered banks are privately held and had not applied to the Treasury while they weighed their options as their deadline neared. Jack Hudock with the Arizona Department of Financial Institutions said eight state-chartered banks or bank holding companies had applied, but he could not identify them and did not know the status of their applications.

Meridian Bank of Arizona, a privately held, nationally chartered bank owned by Marquette Financial Companies in Minneapolis, applied for a federal stock purchase and was awaiting a decision from the Treasury concerning how much capital it might receive. Doug Hile, president and CEO of Meridian, is not happy that publicly traded banks had first shot at a capital infusion. He does not mince his words in his displeasure over how the government treated privately held banks.

“From a public policy perspective, it’s not fair to small banks that have opted not to go public with their stock,” Hile says. “We are up in arms about it. This is harming Main Street banking by not allowing them to participate on an equal basis.”

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Eco-Workers: Sustainability Starts At The Office

Sustainability starts at the office

Many firms are changing their operations to have considerably less impact on the environment. But most changes don’t have to begin at the top. They typically occur because concerned individuals got together, came up with an action plan and sold it to top management.

Eco Workers, Arizona Business Magazine September 2008As Alexis de Tocqueville observed in the 1830s in his “Democracy in America,” a defining characteristic of Americans is that they don’t wait for someone in authority to tell them what to do; they just voluntarily organize a group and go do it. If your company doesn’t use hybrids or support employees’ public transit use, get everyone on board to do this. If you’re going to move to a new building, insist on a LEED-registered (and certified) project.

Through an arrangement with a plumbing fixture manufacturer, one building engineering firm with about 100 employees in Portland, Ore., now offers a program to subsidize the installation of dual-flush toilets in employees’ homes, each saving about 6,000 gallons of water per year. The same firm has bought four Honda Civic hybrids for travel to client meetings and job sites, and subsidizes 60 percent of the cost of public transportation for employees, which has led to 80 percent participation. It’s also testing very low-flush urinals in the two washrooms, saving 85 percent of the water use of a typical 1-gallon-per-flush fixture.

Workers at a larger corporation might be surprised at how many incentives may be offered in the coming years for you to “go green.” For example, early in 2007, Bank of America offered a $3,000 cash rebate to any of its 185,000 employees who bought a hybrid car. Why couldn’t your company do the same? Many companies are offering transit subsidies, participation in local “car sharing” programs, showers and bicycle lockers for bicycle commuters, and similar measures to keep them from driving to work in conventionally powered, conventionally fueled, single-occupant automobiles.

Here are my top tips for affordable sustainability initiatives for any employer:

  • Make a personal commitment to change the way you do things. Lead by example.
  • Engage the creativity of staff by creating an in-house “green team” that has specific goals, responsibilities, timetables and budgets. If you’re large enough, consider hiring a sustainability director to oversee a comprehensive group of initiatives.
  • Tell the rest of the company in creative ways what your commitment is. For example, one company president sends his quarterly newsletter to more than 200 employees on recycled paper with wildflower seeds embedded in it. Instead of tossing it, employees are encouraged to soak the newsletter for a day, and then plant it in their garden.
  • Use less paper. Have the IT department set the default printing style to duplex, so everything is double sided unless it has to be printed only on one side.
  • Get rid of printers altogether; give everyone scanners for any paper that has to be saved, and encourage people not to
    print anything.
  • Measure everything that comes into the office or factory, and use less of it.
  • Get rid of wastebaskets under the desk and put recycling boxes. Any other trash can be disposed of down the hall.
  • Subsidize transit passes and offer guaranteed rides home for employees.
  • Make every company car a hybrid, biodiesel or flex-fuel vehicle. Look for a chance to buy the coming plug-in hybrids.
  • Buy only Energy Star appliances and equipment for the office. Get rid of any remaining incandescent lamps. Use only compact fluorescent bulbs or LED lights.
  • Buy green power from sun or wind power plants to meet all your electric power needs.
  • Buy carbon offsets for all your company travel, especially
    air travel.
  • Change your purchasing policies to buy only “Environmentally Preferable Products” from the U.S. Environmental Protection Agency’s list.
  • Cut water use by installing waterless (or ultra-low flush) urinals and dual-flush toilets in all restrooms.

If you work at a government agency or school district, you have a chance to affect all of the organization’s design, construction, remodeling and purchasing policies. There’s nothing an elected official, planning commission member or senior civil servant likes more right now than to look good by instituting a sustainability policy. With more than 800 mayors of American cities on board to take action to reduce their cities’ greenhouse gas emissions, they’re going to be looking to their staffs to come up with practical proposals to implement this commitment. Make sure that everything you build has long-term sustainability built into it, including getting all new or renovated buildings certified to the LEED standard. Then tackle the harder stuff, such as purchasing policies and energy use in ongoing operations. Try to get the organization to certify one building to the LEED for Existing Buildings standard in order to create a benchmark for measuring the sustainability of operations across the board.

Jerry Yudelson, PE, MBA, LEED AP, is president at Yudelson Associates, Tucson. He can be reached at jerry@greenbuildconsult.com.