| Bremer Trust Trustees announced that General Manager, Rich McDonald, retired on Dec. 31, 2005. Reporting directly to the Trustees, McDonald has been responsible for the management of the Trust's assets for the past twenty-one years.
Trustee Betti Sheldon told members of the community, “We will miss Rich's long institutional knowledge of the Trust's operation and his keen ability to manage the diverse real estate holding.”
On an annual basis, the Trustees distribute to Olympic College income from the Trust's investments. During the past 10 years, over $2.6 million dollars has been shared with the Olympic College Board. To date this money has provided for new buildings and renovation to facilities, as well as some operational activities in our local community.
“Much of the performance of the Trust's real estate assets today can be attributed to Rich's redevelopment skills and the strategic moves he recommended during a time when the future of our area was not so certain,” stated Dr. Mike Connolly, managing trustee and board member with the longest tenure. “I can't say we were on the 'brink,' but plans that Rich suggested we put in place years ago are producing the contribution levels we see today,” he added.
Sheldon, a former State Senator, said the Trustees have decided they will contract for the service previously provided by McDonald. “With the complexity of the markets and the rapidly changing real estate environment in the Bremerton area, we will seek focused professional consultation for both the Trust's real property and securities holdings”, she added.
An early spring retirement and recognition event is being planned to acknowledge McDonald's contribution to the Trust and the Olympic College community. |
