A Spencer-based bank holding company is combining its lending capacity with some local talent to start a new operation in West Des Moines.

Northwest Financial Corp. plans to open Northwest Bank, an office of Northwest Federal Savings Bank, by early June. The company will initially locate at 1200 35th St, Suite 15, in West Des Moines, with plans to open by early June. It is also seeking a site for a permanent location that would open in spring 2005.   Don Nickerson, who most recently managed Wells Fargo Bank’s Business Banking Group in Des Moines and oversaw the opening of Wells Fargo’s Metro West office in Clive in 1990, will be the president of Northwest’s West Des Moines office.

“It was just an opportunity to do something more entrepreneurial,” said Nickerson, who as head of the bank’s local investment group will earn a percentage of the branch’s profits. “It was a great opportunity to broaden my banking experience.”

Working with Nickerson will be Ann Wagner-Hauser, who three years ago retired as president of Wells Fargo Bank’s Des Moines offices. Other key personnel will include Ed Arndorfer, formerly commercial lending manager for Union Planters Bank in Urbandale, and Jill Thielen, who was a vice president of business banking with Wells Fargo.

“Our initial plans are for a staff of 12 until we get into our permanent location,” Nickerson said.

Northwest Financial began as Northwest Federal Savings Bank in 1988, when Dwight and Neal Conover purchased two savings and loans in Spencer and merged them into one institution. The bank currently operates branches in Algona, Belmond, Estherville, Fort Dodge, Humboldt, Milford, Spirit Lake and Storm Lake. Northwest Financial also owns First National Bank in Creston, with branches in Oelwein, Le Mars, Sioux City and Sioux Center, as well as Gateway Federal Savings Bank in Ankeny.

Because it will be part of a larger banking organization, the West Des Moines bank will be able to immediately begin lending, as opposed to a de novo operation, which would have to first accumulate a deposit base. Given Northwest Federal’s $95 million in equity, the branch will be able to lend up to about $14 million initially, Nickerson said.

“Our focus will be on business banking, residential construction lending and commercial real estate,” he said, “but we will also do the full array of consumer products, as well as secondary mortgage lending.”