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Banking on the CommunityBy: Editorial StaffFrom décor to services, area banks compete for customers by keeping it local. |
Sitting behind a mahogany desk, a friendly receptionist
greets those who walk through Northern Trust Bank’s front doors just off congested
U.S. 41 in Bonita Springs. Rich carpeting and gold and bronze sconces accent
ornate desks, chairs and other furnishings, creating a comfortable, elegant
atmosphere. Antiques are so prominent throughout the building that the office
has its own guide, which offers information on pieces such as a bronze-and-onyx
table once owned by Gen. William T. Sherman and a chandelier from Versailles
made of Baccarat crystal and Dora bronze. It’s like walking into the lobby of a
boutique hotel, where you rarely notice the money changing hands. Even the
entrance has an extra touch, with leaded glass in wooden doors from an old
English haberdashery on Madison Avenue in New York.
It’s no coincidence that the décor of the office, surrounded
by communities boasting million-dollar homes, exudes wealth. In fact, to
determine how the building should be decorated, Northern Trust’s internal
design team scoured the area before the office was built six years ago. That
was before much of Bonita Springs’ growth, including the development of The
Promenade, an upscale shopping center across the street, but the design team
figured out where the area was headed. The bank’s look is now perfect for the
area it serves.
“The architecture and design of our lobby invites people to
be comfortable here,” says Thomas A. Bringardner, president of the Bonita
Springs office for three years and a banker with Northern Trust for 11 years.
“We don’t use a standard footprint for our buildings.”
Local links
From Sanibel Island to Lehigh Acres to Immokalee, bankers in
Southwest Florida attempt to link themselves with the community. The area’s
population explosion and increasing wealth have provided fertile ground for
banks. The Southwest Florida market has had more new bank charters approved in
the last three years than any other market in Florida, leaving Lee and Collier
counties with more than 40 different bank holding companies boasting more than
150 locations. That number doesn’t include financial service companies, which
compete to manage assets.
Some institutions, like Community Bank of Naples, Edison
National Bank and Florida Gulf Bank, play up the local angle in their names.
Locally owned, these banks claim to provide clients a personal relationship
that gigantic national banks can’t match. Meanwhile, national and regional
banks such as Birmingham, Ala.-based SunTrust, Charlotte, N.C.-based Bank of
America, Birmingham-based Colonial Bank and Cincinnati, Ohio-based Fifth Third
Bank tout their expertise, multiple locations and deep resources—and cement the
local connection by volunteering in the community and investing in local
organizations.
Although growth has been fantastic, some bankers see room in
the market for more. The newest entry is Florida Gulf Bank, founded in Lee
County last February by longtime banking veteran Bill Valenti. “The large banks
certainly have a place in our county. But based on their size, they have to
operate in a certain way,” says Valenti, whose bank, which he expects to be
profitable by July, has two locations in Fort Myers. “For some people, that’s
just not the way they like to do banking.”
It’s that hometown touch that community bank operators like
to focus on, especially as communities grow and thrive. “We’ve seen so much
consolidation in the big banks. People see the community banks as an
opportunity to go to somebody they know who’s able to give them the credit they
need because they’ve known them so long,” Valenti says.
That philosophy doesn’t always last, of course. Many smaller
Southwest Florida banks, including South Florida Bank, which Valenti used to
work for, have been gobbled up by national and regional companies, losing the
hometown feel they played up so much. Such acquisitions can result in happy
investors but frustrated clients.
Robbie Roepstorff and her husband, Geoff, were working at
Heritage National Bank in Fort Myers when SouthTrust purchased it in September
1996. Fifteen days later, they resigned because they preferred the work
environment of a community-based bank. Less than a year later, in August 1997,
they opened Edison National Bank.
When the Roepstorffs organized Edison, they pointed out to
stockholders, all local residents, that they would probably not reap a quick
return on their investment. “They had to be willing to make a long-term
commitment. Some people appreciated our honesty and dropped out,” says Robbie
Roepstorff, now Edison’s president. The company, which started with $6 million
in capital, now has more than $110 million and 45 employees.
Naming the company and its three autonomous locations—which
are treated as equal offices, not just branches, and are run by executives with
decision-making authority—took thought and some investigation. The Roepstorffs
discovered that when Barnett Bank, which was later acquired by NationsBank and
became Bank of America with the merger of those two companies, bought the old
Edison National Bank, it didn’t protect its name. The names Bank of the Islands
and Lee County Bank weren’t protected, either. The names fit their three
markets—south Fort Myers, Sanibel Island (the Roepstorffs’ home) and downtown
Fort Myers—and each of the banks had former customers who the Roepstorffs
suspected would happily return to their old community bank. The couple hired
well-known bankers in each area to run each office.
Community treasure chests
To become part of the community, bankers have to ask
themselves what the community needs. Instead of building new structures, the
Roepstorffs invested in a First Union office that had sat empty for two years
at the entrance to Seven Lakes Leisure Village near Cypress Lake Parkway and
U.S. 41 in Fort Myers. On Sanibel, they used a building formerly occupied by
Bank of the Islands and NationsBank. They lease Edison’s downtown location from
the city. “It’s not good for a community to have rundown buildings,” Robbie
says.
They also paid careful attention to the ambience of each
bank, from décor to “personality-plus” receptionists knowledgeable about the
bank as well as the area. “If nobody speaks to you when you walk in to a bank,
it can be intimidating,” Robbie says.
Each Edison bank is decorated to reflect a specific
community and to emphasize the difference between it and the national banks’
cookie-cutter branches. Bank of the Islands’ Island Room features a large
aquarium to emphasize its proximity to the ocean. It also offers customers
sweets, coffee and a television. Edison National Bank’s Edison Reading Room
provides newspapers along with a television and free cookies and coffee.
Every bank, from national corporate enterprises to one-office,
locally owned institutions, has its place in the market, Robbie Roepstorff
says. When big corporations like Sony come to town, bringing international
business, they need big banks like SunTrust or Bank of America. “For an area’s
economic development, corporate banks have to be available,” she says. “But we
pick up their employees’ accounts, even their chief executive officer’s
accounts.”
What do customers really want? To be remembered, and to get
quick turnaround, says Bob Guididas, another longtime Southwest Florida banking
veteran. From 1991 to 1995, he ran Bank of Naples, which was purchased bystyle="mso-spacerun: yes"> Fifth Third, which now has 10 locations and
is building a Lee County headquarters and a new office in Collier County. When
Guididas opened Community Bank of Naples five-and-a half years ago, “customers
were waiting for us,” he says. Since then, at least five other local and
national banks have entered the market.
Customers like a bank that has community in the name, he
contends. “They want the hometown banking that they’re used to in the past,” he
says. “Really, it’s one-on-one personal service. People have access to the
president.”
There’s another way most of the area’s banks show community
involvement. Last year, Bank of America’s employees belonged to more than 40
local civic and charitable organizations. The company gives associates two
hours of paid time off every week to volunteer in the schools. SunTrust has
given more than $250,000 to the local chapter of Habitat for Humanity to build
housing for underprivileged families. Edison National’s thousands of dollars in
charitable donations and hundreds of volunteer hours are its greatest marketing
tool, says Robbie. Fifth Third recently
donated $15,000 to the Collier County Education Foundation. That’s just a
recent sampling of the hundreds of thousands of dollars of funds and services banks
provide.
“We become very entrenched in the communities that we
serve,” says Gerri Moll, president of Bank of America in Lee and Collier
counties. Like the majority of the area’s banking leaders, Moll is involved in
charitable organizations as well as economic development and business groups.
“Our associates have a personal interest in those organizations,” she says. “We
give them time off because it’s the right thing to do as a good corporate
citizen. If this involvement helps to build our brand and our image, that’s
great.”
—Susan Holly contributed to this story.