Inside This Issue: New Products / New Campaigns Top 50 Banks and Top 10 Credit Unions by Asset Size

Transcription

1 Inside This Issue: Trends and Innovations Community Bank Corner Prepaid Card Corner Retail Products 11 Business Products 15 In the News 17 Promotions 18 Press Releases 22 CU Press Releases 31 New Products / New Campaigns Top 50 Banks and Top 10 Credit Unions by Asset Size Our research team has scoured the top 50 banks and top 10 credit unions to bring you information on any new and innovative products thatt have been released dthroughouth t themonth of March We have also provided information on new campaigns that are currently being promoted throughout the country. Included in this report is related information on fees, features, current APYs, and peer group information on newly released products. At the end of the report, there is a section that touches upon the more important press releases for the month. Copyright 2015 Informa Research Services, Inc. Calabasas, CA (818) Knowledge is profit 1

2 Trends and Innovations Cash Bonus Promotions Targeting Mass Affluent Customers Many financial institutions use cash bonus offers to entice customers to open new checking accounts. Checking account cash bonus promotions typically come in two forms: A refer a friend promotion in which an existing customer refers a friend to open a new checking account in exchange for a cash bonus. Some promotions double up the cash bonus which allows the referring friend and the referred friend to both receive a cash bonus. The cash bonuses for this type of promotion typically range between $10.00 and $ A cash bonus offer in exchange for opening an account and using certain account services. In addition to opening the checking account, customers are typically required to have direct deposit, make a certain number of debit card transactions, and/or make a certain number of online bill payments within a specified time frame after opening the account. The cash bonus amount for this type of promotion is normally a little higher compared to the refer a friend promotion, typically ranging from $50.00 up to $150 depending on the usage requirements of the promotion. The more service usage requirements the customer has to meet, typically the larger the bonus becomes. While cash bonus promotions are commonly offered with retail checking products, they are less frequent among investment products. In the last couple of months, however, Informa analysts have noticed a couple of top 50 banks offering cash bonuses to their investment customers. Bank of the West and Capital One are two top 50 banks that are currently running a cash bonus promotion with their investment services. These promotions are fairly simple in their design and they do not have any usage requirements; however, they are eye popping in regard to the amount of the cash bonus that customers can receive, especially in comparison to the amount typically offered with retail checking accounts. Both promotions tier the cash bonus amounts based on the size of the customer s deposit the more a customer deposits into the investment account, the higher the cash bonus the customer will receive. Link to content 2

3 Trends and Innovations The bonus amounts of Bank of the West s promotion start at $200 for a deposit ranging between $50,000 and $74,999 and climb as high as $2,500 when customers deposit at least $1,000,000. Source: The bonus amounts offered with Capital One s promotion are lower than Bank of the West s, but they also require significantly lower deposit amounts. The smallest cash bonus is $50.00, which only requires a $5,000 deposit into the investment account, and the highest bonus amount is $600, which requires a $125,000 deposit. Source: Capital One customers are required to open a new investment account to receive the cash bonus, while Bank of the West offers this promotion to new customers, as well as existing customers as long as they deposit new funds into their already established investment account. These cash bonus promotions allow Bank of the West and Capital One to target the mass affluent customer segment in an effort to bring new customers with substantial funds into the bank. Link to content 3

4 Trends and Innovations The mass affluent customer is a very attractive customer segment for banks and credit unions as this type of customer is expected to be more lucrative than the typical mass market customer. With these types of promotions for a financial institution s self directed investment accounts, attracting investment dollars offers the institution the opportunity to take advantage of profitable, low maintenancedeposits. The customer is in charge of their own funds and generates commission fees with each trade. While a customer may transfer over investments instead of cash to qualify for the cash bonuses, this customer will likely still generate commission fee revenue for the bank in the future, and could also generate revenue from other investment services, like margin lending. Plus, investments are a relatively sticky service; all great things for the financial institution. On top of that, having new mass affluent customers invest funds with the bank or credit union provides the institution an access point to also crosssell additional banking services, such as transaction accounts, loans, mortgages, and other credit products, as well as business products and services. A March 2012 article in the New York Times demonstrated the annual earning potential of mass affluent customers compared to mass market customers for banks and credit unions $630 from the mass market customer and $1,193 from the mass affluent customer. Given these numbers, mass affluent customers can make quite an impact on the bottom line of banks and credit unions; however, this customer segment and its deposits is also fairly elusive. Typically, mass affluent customers use banks and credit unions mainly for transaction accounts, such as checking and savings accounts. When it comes to investing their funds, mass affluent customers usually choose a brokerage or a wealth management firm. These promotions may help financial institutions get the attention of mass affluent customers and sway them to give the bank or credit union a chance with their investment dollars. Referenced articles: Got $100,000? Have a Cookie: Banks Try Luring the Top 10%, Nelson D. Schwartz, Link to content 4

5 Community Bank Corner Introducing the Community Bank Corner The Community Bank Corner is a brand new feature of the Monthly New Product Bulletin. By reporting on the top 50 banks and the top 10 credit unions every month, our readers get great insight into what their large competitors are doing. But it is also worth looking outside this scope. Oftentimes, smaller institutions are the ones to introduce innovative services first and then become trendsetters for the larger competitors. For example, mobile remote deposit capture was first offered by a very small credit union in West Virginia before larger institutions started to add this service to their menus. Since we do not want our readers to miss out, we will feature unique and innovative community bank products toshow what institutions outside of the top 50 are doing. Paducah Bank s Personal Checking The first bank to be featured in the new Community Bank Corner is Kentucky based Paducah Bank. Paducah Bank is a small community bank that operates six branches and has a little over $500 million in assets. Until recently, Paducah Bank had a line of checking products that are somewhat standard among banks and credit unions in the United States an electronic checking account, an interest checking account, a free checking account, a second chance checking account, as well as a premium checking account. In April 2015, however, Paducah Bank gave its retail checking line a makeover and now features an innovative product setup for its retail checking customers. Paducah Bank is now offering one checking account, the Basic Checking, to which customers can add one of two benefit packages. The Basic Checking account is, as the name implies, a very basic checking account that comes with the staple benefits that are free online banking with bill pay and a free debit card. The Basic Checking has a $4.95 monthly fee that can be waived with a $500 minimum balance or by enrolling in e statements statements. Deposits made with remote deposit capture cost $0.50 each. Link to content 5

6 Community Bank Corner Source: The two benefit packages that customers may add on are called WOW! Perks and WOW! Perks with Interest. Both packages come with the following features: Local discounts and retailer deals Cell phone protection (up to $200 per claim) Identity theft protection (up to $2,500) Roadside assistance (upto $ inservice charges) $10,000 travel accidental death insurance Pharmacy, vision, and hearing savings Two free orders of basic checks per year for customers age 60+ Free deposits with mobile remote deposit capture WOW! Perks with Interest offers, as the package namesuggests, the same benefits as WOW! Perks but with interest on the checking balance. Customers can currently earn the following interest rates with the WOW! Perks with Interest package: $2,500 $9,999: 0.01% APY $10,000 $24,999: 0.02% APY $25,000 $49,999: 0.03% APY $50,000 $99,999: 0.05% APY $100,000+: 0.10% APY The two benefit packages are priced quite differently: The WOW! Perks has a $5.00 monthly flat fee that cannot be waived; the package is free for customers under the age of 24. The WOW! Perks with Interest has a $7.95 monthly fee ($3.95 for customers age 60 and over) that can be waived with a $2,500 minimum balance. Paducah Bank s new retail checking product is interesting considering that the bank only offers one checking product, which customers can then accessorize based on their needs and wants. The setup of the new product allows the bank to consolidate a variety of different types of checking accounts basic checking, student checking, senior checking, Link to content 6

7 Community Bank Corner interest checking into one checking account in combination with the two benefit packages. This very streamlined and uncluttered product line can create a very straightforward sales process for Paducah Bank s staff, as there is no need to explain a multitude of different checking options with differing fees, balance requirements, and benefit packages. Another interesting aspect of Paducah Bank s new products is the fact that the benefit packages only offer a few banking benefits (free mobile remote deposit, free checks for customers age 60+, and interest with the WOW! Perks with Interest package) and mainly provide benefits that typically come with a credit card, such as roadside assistance, travel accidental death coverage, and cell phone protection. Paducah Bank s new retail checking product line is a departure from the traditional set of checking accounts. While the basic checking account and the benefit packages come with few actual banking benefits, the products might appeal to customers who are looking to receive benefits that go beyond the traditional features. Link to content 7

8 Prepaid Card Corner New Prepaid Cards Overview: TD Bank and Navy Federal Credit Union both recently introduced prepaid cards that expand their product lines beyond just cards for teens. The new card options for adults are both relatively light on fees but are also somewhat limited on features. TD Bank s TD Connect Reloadable Card Prepaid Card In Depth: The TD Connect Reloadable Card does not have an enrollment fee. The card has a $5.99 monthly fee, which is reduced to $2.99 per month if the customer maintains a valid linked TD Bank checking account. The monthly fee cannot be waived. There is no fee to load funds onto the card. The TD Connect Card can be reloaded: With a TD Bank debit or credit card By depositing cash or checks or making a transfer from a TD Bank checking or savings account at a TD Bank branch Via direct deposit There are no fees for ATM withdrawals from a TD Bank ATM, telephone customer service calls, or POS transactions. There is also no penalty for card inactivity. The TD Connect Card comes with free online banking and free text alerts. There is a $5.00 monthly paper statement fee and a $3.00 fee for each foreign ATM transaction. Navy Federal Credit Union s GO Prepaid Card Prepaid Card In Depth: The GO Prepaid Card is available exclusively to Navy Federal Credit Union members. The card has no enrollment fee and no monthly fee. The GO Prepaid card can only be funded with a Navy Federal Debit Card or Navy Federal Credit Card. There is no fee to reload the card. There are no fees for ATM withdrawals from a Navy Federal ATM, CO OP Network, Money Pass, Walgreens (in California), or Cashpoints ATMs. There is a $1.00 fee for each foreign ATM transaction outside of these networks. Monthly statements are free of charge and are only available electronically. Link to content 8

9 Prepaid Card Corner Telephone customer service calls and POS transactions are also free. There is no penalty for card inactivity. The GO Prepaid card comes with free online banking and free text alerts. Informa Analyst s Observations: TD Bank and Navy Federal Credit Union have both featured prepaid cards marketed to teens and their parents for some time now. TD Bank s TD Go Reloadable Card and Navy Federal s Visa Buxx card are aimed to help parents monitor their child s spending, while also giving them some financial freedom. Considering this similarity, it is interesting that both financial institutions recently launched prepaid cards for consumers 18 years of age and older. Source: Source: Link to content 9

10 Prepaid Card Corner TD Bank s new TD Connect Card has a flat monthly fee, but is otherwise very light on fees. Even the $5.99 monthly fee can be reduced to $2.99 per month if the customer maintains a TD Bank checking account. By accepting e statements, the customer can avoid the $5.00 monthly paper statement fee, and by staying in network the customer can avoid the $3.00 foreign ATM transaction fee. Navy Federal s new GO Prepaid card is even lighter on fees, but the card is only available to Navy Federal Credit Union members. The card can only be reloaded using a Navy Federal debit or credit card. Even the $1.00 foreign ATM transaction fee on the new GO Prepaid card is easy to avoid, since members won t incur the fee if they make their withdrawal from a Navy Federal, CO OP OP Network, Money Pass, Walgreens (incalifornia), or Cashpoints ATM. The relative lack of fees make these cards very competitive compared to many other prepaid cards on the market. Prepaid cards, even those issued by banks and credit unions, often come with enrollment fees, flat monthly fees, reload fees, and fees for some customer service interactions. Besides the competitive fee structures, both TD Bank and Navy Federal are also promoting the convenience of these cards to potential customers and members. TD Bank s card can be managed at a TD Bank branch (which offers extended hours) or online, and customers can receive alerts to help manage their prepaid card account. Navy Federal s card can also be managed online and members have a long list of ATMs at which they may withdraw from at no charge. What both cards lack are some of the premium online features and perks that juggernauts like the American Express Bluebird card have popularized. These features include online bill payment, mobile check deposit (RDC), and even check writing. Overall, both financial institutions have launched no frills prepaid cards that customers and members can use to help manage their spending while keeping costs down. Even with the low fees, the cards do offer some potential fee income for the institutions. The cards may also help to deepen a customer s relationship with the institution, since Navy Federal members are required to have an account before opening the prepaid card, and TD Bank customers are incentivized by a lower monthly fee on the prepaid card if they maintain a TD Bank checking product. Link to content 10

11 Retail Products People s United Bank s eplus Checking Overview: While People s United Bank has been offering the eplus Checking account in some of its markets, it is a brand new addition to the bank s headquarter market of Connecticut. The eplus Checking is a basic checking account that rewards customers for using electronic banking services. Account In Depth: The eplus Checking account can be opened with a $25.00 minimum deposit. The account has a $10.00 monthly fee that customers can waive when they enroll in e statements and make at least ten electronic payment transactions per statement cycle. The eplus Checking comes with a free savings account, free online banking with bill pay, and a free debit card. This account does not earn interest. Informa Analyst s Observations: People s United Bank is not the only top 50 bank offering an electronic checking account in its headquarter market of Connecticut. Webster Bank, which is also headquartered in Connecticut, features the echecking account in its retail checking product line. While both accounts are geared toward customers that prefer to bank electronically, they have somewhat different mechanics to waive the monthly fee. Both accounts have in common that customers have to enroll in e statements as part of the fee waiver requirement. However, People s United Bank s eplus Checking requires customers to make at least ten electronic transactions per statement cycle, whereas Webster Bank s echecking asks customers to have at least $500 in direct deposits and to write five or fewer checks per statement cycle in order to waive the $5.00 monthly fee. Link to content 11

12 Retail Products It should also be noted that Webster Bank waives the monthly fee of the echecking account for customers age 22 or under. This type of checking account is mutually beneficial for the customer as well as the financial institution. It offers customers whodonotshyawayfromelectronicbanking services easy ways to avoid the monthly fee without having to observe a monthly balance requirement. Financial institutions, on the other hand, canearnthemonthlyfeeifcustomersdonot meet the fee waiver requirements, or they can save on check processing costs when customers write very few checks and use direct deposit instead of depositing checks with a teller. Furthermore, e statements are a lot more cost effective for financial institutions than sending out paper statements, and encouraging customers to make a certain number of electronic transactions per statement cycle gives the customer an incentive to make this account their primary account and gives the financial institution the opportunity to earn interchange fees on an ongoing basis. Wells Fargo s Platinum Savings Overview: After making multiple changes to its retail money market product line over the last year, Wells Fargo recently grandfathered the High Yield Savings and replaced it with the Platinum Savings account, a stand alone regular money market account. Account In Depth: The Platinum Savings has a $50.00 opening requirement when opened in a branch; customers opening the account online or via the telephone are required to deposit only $ The Platinum Savings has a $12.00 monthly fee that can be waived with a minimum balanceof $3,500. Accountholders can make up to six preauthorized transactions per statement cycle, all of which may be by check. Every excess transaction incurs a $15.00 Regulation D fee. The Platinum Savings does not have a minimum balance requirement to earn interest. The account earns bonus rates when linked to a PMA Checking account. Currently all balances earn 0.01% APY, or 0.06% APY when linked to a PMA Checking product. Link to content 12

13 Retail Products Informa Analyst s Observations: WellsFargo sretailmoneymarketaccountshave experienced quite an evolution in the past year. Wells Fargo s, now grandfathered, High Yield Savings account started out as a fairly premium relationship savings account with a significantly higher monthly fee and balance requirements the opening requirement was $25,000 and to waive the $25.00 monthly fee, customers were required to maintain an average balance of $25,000. While the High Yield Savings was being offered in this premium relationship form, Wells Fargo also offered a Money Market Savings account. This account had an opening requirement of $50.00 and had a $10.00 monthly fee that could be waived with a $3,500 minimum balance or a $75.00 auto transfer from a linked checking account. The account was a stand alone money market that earned bonus rates when linked to select checking accounts. By October 2014, Wells Fargo had grandfathered the Money Market Savings account and transitioned the High Yield Savings account from a premium relationship account into a regular stand alone money market account by removing the relationship requirement, lowering the opening requirement to $50.00 ($25.00 for online or telephone opening), reducing the monthly fee to $10.00, and changing the fee waiver balance requirement from a $25,000 average balance to a $3,500 minimum balance. The High Yield Savings product has now been grandfathered and its successor, the new PlatinumSavings,isverysimilarinnaturetoboththeHighYieldSavingsandMoney Market Savings products the opening deposit and balance waiver requirements are the same, and only the monthly fee of the new account is slightly higher at $ High Yield Savings (before Oct 2014) Money Market Savings (grandfathered Sept 2014) High Yield Savings (after Oct 2014; grandfathered Apr 2015) Platinum Savings (New) Opening Requirement $25,000 $50.00 in branch $50.00 in branch $50.00 in branch Monthly Fee $25.00 $10.00 $10.00 $12.00 Ways to Waive $25,000 average $3,500 minimum $3,500 minimum $3,500 minimum Monthly Fee balance balance balance balance Link to content 13

14 Retail Products While the twists and turns are slightly confusing, in essence, as of April 2014 Wells Fargo was offering a regular money market account and a premium relationship money market account. In April 2015, Wells Fargo is now just offering a regular money market account that can earn relationship rates when linked to a PMA Checking product. In comparison to other regular money market accounts offered by large banks in Wells Fargo s headquarter market of California, the $12.00 monthly fee of the Platinum Savings compares favorably to the average monthly fee of $16.30; however, its $3,500 minimum balance requirement to waive the monthly fee is above the average minimum balance requirement of $2,700. In regards to rates, the current APY of the Platinum Savings (0.01% on all balances) is below the typical interest rates large banks offer with their regular money market accounts in California, which generally range between 0.03% and 0.10% APY. However, when linked to a PMA Checking account, the APY of the Platinum Savings bumps up to 0.06% on all balances, which is pretty much in line with its competitors. Link to content 14

15 Business Products Wells Fargo s Business Platinum Savings Overview: Mirroring the retail side, Wells Fargo grandfathered its Business High Yield Savings account and replaced it with the brand new Business Platinum Savings account. Account In Depth: The Business Platinum Savings has a $50.00 opening requirement. The account has a $15.00 monthly fee that can be waived with a $10,000 minimum balance. Accountholders can make up to six preauthorized transactions per statement cycle, all of which may be by check. Every excess transaction incurs a $15.00 Regulation D fee. The Business Platinum Savings allows customers to make up to 20 deposited items free of charge per statement cycle. Each deposited item thereafter costs $0.50. The account does not have a minimum balance requirement to earn interest. Currently all balances below $25,000 earn 0.05% APY, and all balances above $25,000 earn 0.06% APY. Informa Analyst s Observations: Unlike the retail High Yield Savings, the Business High Yield Savings did not undergo any changes over the last year. The Business High Yield Savings was a stand alone premium business money market account with a substantial monthly fee ($25.00) and relatively high balance requirements a $25,000 minimum opening requirement and either a $25,000 minimum balance requirement or $50,000 average balance requirement to waive the monthly fee. The successor of the Business High Yield Savings, the new Business Platinum Savings, still qualifies as a premium business money market account, even though it has a lower fee and balance requirements than its predecessor. Business High Yield Savings (Old) Business Platinum Savings (New) Opening Requirement $25,000 $50.00 in branch Monthly Fee $25.00 $15.00 Ways to Waive Monthly Fee $25,000 minimum balance or $50,000 average balance $10,000 minimum balance Link to content 15

16 Business Products A comparison to other premium business money market accounts offered by large banks in California reveals that Wells Fargo s new account is fairly competitive. The $15.00 monthly fee is below the average monthly fee of $17.08 and the $10,000 minimum balance requirements is perfectly in line with the average of $10,000. Only the $0.50 deposited item fee of the Business Platinum Savings is well above the average of $0.25. Business Platinum Savings California Average Monthly Fee $15.00 $17.08 Minimum Balance Requirement $10, $10, Deposit Item Fee $0.50 $0.25 The interest rates of Wells Fargo s Business Platinum Savings (0.05% APY below $25,000 and 0.06% APY above $25,000) are middle of the road compared to interest rates offered with other business premium money market accounts from large banks in Wells Fargo s headquarter market of California, which typically range between 0.01% APY on the lower end and 0.10% on the higher end. Link to content 16

17 In the News American Banker Check Cashing Shops Offer Bank Like LoyaltyPrograms by Mary Wisniewski A handful of alternative financial service providers are adding or enhancing loyalty programs to resemble perks more typical of banking relationships. lti The check cashing hi stores, which sell numerous financial services and often rely on high traffic locations to draw in business, are crunching transaction data to offer cash back and free service upgrades, among other benefits. The intent is to draw in repeat business from customers who transact in their stores but could also very well have bank accounts. In Battle for Deposits, In Store Branches Could Provide an Edge by Jackie Stewart In store branches, which have a fair share of critics, could have a chance to prove their worthwhenrisinginterestratesandloangrowthboosttheallureoflow cost deposits. Several banks, including Citizens Financial Group, BOK Financial and TCF Financial, have recently sold or closed in store branches. And in recent years, the banking industry has largely taken deposits for granted. What a difference a few months can make, as a growing number of banks are beginning to devote more resources to boost low cost liquidity, relying on strategies such as acquisitions or employee incentives to add deposits. For some, theirstrategywill featurea commitment to in store branches. How ID Scanning Could Boost Mobile Account Opening by Mary Wisniewski Banks are gravitating toward a new technology they think can help customers more easily open mobile accounts: allowing customers to photograph their driver's license from their smartphone to help them auto fill portions of their application. Equifax and Zoot unveiled a product Monday called MobilityPlus designed to promote this time and effort saving technology and remove a key reason why customers abandon trying to open an account the hassle of filling in all their data on a small screen. MobilityPlus will help with filling in the application and perform a search match analysis to help authenticate the customer's identity as well as determine whether the device in use may be associated with fraudulent activity. It can also incorporate knowledge based identity questions and automated OFAC screening. Link to content 17

18 Online Promotions Associated Bank Associated Bank is currently running a refer a friend promotion when the referred friend opens and uses (three bill payments or on $300 direct deposit within 60 days of account opening) an Associated Bank checking account, both the customer who initiated the referral and the friend will receive a $50.00 cash bonus. Source: Astoria Bank Customers can receive a $250 cash bonus when they open a new Simple or Select Checking account, maintain the required balance and either receive a direct deposit of $250 or more, or make three bill payments of at least $25.00 each per month, for three consecutive months within the first four months of account opening. Source: Link to content 18

19 Online Promotions Bank of the West Bank of the West s investment customers can receive a cash bonus ranging between $200 and $2,500 depending on the amount they deposit into their new or existing Bank of the West investment account. Source: Link to content 19

20 Online Promotions Capital One Capital One investment customers can earn a cash bonus of up to $600 when opening an investment account. The cash bonuses range between $50.00 and $600 and are based on the amount that customers deposit into their new investment account. Source: Fifth Third Student customers can take Fifth Third s online money quiz for a chance to win one of three scholarships or a Chromebook 2. Source: Link to content 20

21 Online Promotions First Tennessee First Tennessee customers can earn a $151 cash bonus when opening a new checking account with at least $300 and receiving one direct deposit within 60 days of account opening. Customers can earn an additional $100 cash bonus when they open a Money Market Savings account with at least $15,000. Source: TCF TCF customers receive a $25.00 bonus for every friend they refer to open a new TCF checking account with at least $100. Source: Link to content 21

22 Press Release Excerpts Charitable Giving/Community Involvement Bank of America Bank of America announced a $1 million grant to Water.org, a global organization that provides innovative, community led and market based solutions that change lives through safe water and sanitation. The grant will empower 100,000 people in southern India toobtain safe waterand sanitation i solutions, accelerating positive ii change in their homes and communities. Vital Voices Global Partnership and Bank of America launched a weeklong initiative in Johannesburg, South Africa, connecting women leaders from sub Saharan Africa engaged in business, social enterprise and NGOs who are actively working to fight HIV/AIDS, to senior women executives from the private sector and civil society who will lend their expertise through mentoring to help the women advance their objectives. Capital One Capital One announced it will focus $150 million in community grants and initiatives over the next five years to help empower more Americans to succeed in an ever changing digitally driven economy. With its new Future EdgeSM initiative, Capital One will collaborate with leading educational and community organizations across the country to address areas of critical need that impact the nation s current and future ability to grow and prosper in the digital age. Through Future Edge, Capital One will provide community grants and support efforts designed to help America s workforce to fill the jobs of today and tomorrow; help small business owners and entrepreneurs grow, compete, and succeed in the digital age; and provide individuals with money management tools and resources to help them prepare and invest for the future. Citibank At the President's Advisory Council on Financial Capability for Young Americans meeting hosted at the White House, the Citi Foundation and Cities for Financial Empowerment Fund (CFE Fund) announced the District i of Columbia and St. Louis have been selected to join Summer Jobs Connect, which provides low income youth with summer work experience, access to financial education and appropriate financial services. Launched in 2014 in Chicago, Los Angeles, Miami, New York City, and San Francisco, Summer Jobs Connect will support more than 2,000 jobs for young people in seven cities over the summer of Link to content 22

23 Press Release Excerpts Citi announced the launch of the Citi Community Home Runs Program for the 2015 New York Mets season. For the second consecutive year, Citi will donate $2,000 to one of four tri state area community partners each time a Mets player hits a home run at Citi Field during the regular season: City Harvest, United Neighborhood Houses, USO of Metropolitan New York, and New York City s YMCA. Each organization will also receive a $5,000 initialdonation to kick off the program. This year, Citi Foundation has provided the Northwest Metro Atlanta Habitat for Humanity affiliate with a $20,000 grant to support its 2015 home building goals. City National Bank City National Bank announced that it has awarded 125 Reading is The way up literacy grants totaling more than $115,000 to support literacy based projects at elementary, middle and high schools in California, Nevada, New York and Georgia. First Niagara The Center for Youth in Rochester received a $4,000 donation from First Niagara s Mentoring Matter program in recognition of its second place win in the Mentor Stories video contest. M&T Study a painting by Van Gogh, learn what inspires popular landscape painter Thomas Paquette, step into a re creation of the late NBC newsman Tim Russert s office, and participate in a class on the use of portable devices to promote art all for free. M&T Bank announced the fifth season of the M&T Free Fridays program, offering free admission once a month to four popular Western New York arts, cultural, and historical institutions. Santander Bank Santander Bank announced that it recently signed an agreement with Berklee College of Music for its Santander Universities to provide scholarships to support the Berklee Study Abroadprogram. SunTrust Junior Achievement USA announced that it will honor SunTrust Bank with one of U.S. President's Volunteer Service Awards. The organizations receiving the awards provided Junior Achievement with significant volunteer resources during the school year. Link to content 23

24 Press Release Excerpts TD Bank TD Bank and the Arbor Day Foundation announced the 2015 recipients of TD Green Streets, a grant program entering its third year of supporting innovation in urban forestry. Each grant of up to $20,000 will fund urban greening projects in underserved communities, including tree planting, maintenance costs, and educational activities. U.S. Bank National community development non profit Local Initiatives Support Corporation (LISC) named U.S. Bank its donor of the month in honor of U.S. Bank s commitment of nearly $500,000 primarily in support of LISC s Building Sustainable Communities neighborhood revitalization program. U.S. Bank, demonstrating its commitment to financial education, is offering current and prospective college students the opportunity to earn a $5,000 scholarship though the U.S. Bank Financial Genius Scholarship Program (#financialgenius). To participate, applicants are required to complete eight online learning modules that cover key concepts for building financial wellness. Webster Bank Webster Bank recently presented The Tiny Miracles Foundation of Darien, Conn., with a donation of $5,000 to help the non profit organization with its work providing assistance to families throughout greater Fairfield County who have had a child born prematurely. Wells Fargo Wells Fargo & Company announced it has donated $1.1 billion to non profit groups over the past four years to support and revitalize communities, help charitable organizations and grow local economies. In 2011, Wells Fargo set a goal to donate $1 billion to nonprofit groups by The company achieved that goal three years early. Wells Fargo & Company announced that the Wells Fargo Foundation as part of the Denver NeighborhoodLIFT program launched in April 2014 will make donations totaling $500,000 to help address Denver s needs around neighborhood revitalization, preparing individuals and families for homeownership, and supporting small businesses. Wells Fargo announced a $500,000 grant through the Wells Fargo Cincinnati NeighborhoodLIFT program will be awarded to Price Hill Will, a community development corporation working to revitalize the East, West and Lower Price Hill neighborhoods of Cincinnati. Link to content 24

25 Press Release Excerpts Acquisitions and Mergers BB&T BB&T Corporation announced it has completed its acquisition of 41 branches in Texas from Citibank. These branches officially opened as BB&T branches on March 23, 2015, making BB&T the 14th largest bank in Texas with approximately 121 branches and $5.1 billion in deposits. Sponsorships Associated Bank The Milwaukee Brewers announced an extension of their partnership with Associated Bank. The extension includes a newly renovated seating option for fans, The Associated Bank Check Deck, formerlyknown as the Harley Davidson Deck. BBVA Compass BBVA Compass announced Houston Dynamo forward and 2014 Dynamo MVP Giles Barnes as its newest brand ambassador. Barnes will work with BBVA Compass, the Dynamo and the Houston Dash on several joint community initiatives, i i i including home renovations and youth soccer clinics in the city's East End, as part of the Building a Better Houston campaign. The joint initiative kicked off in 2011 to help revitalize the neighborhood around BBVA Compass Stadium. TD Bank The Paramount of Huntington, Long Island New York, is proud to announce the launch of a new multi year strategic marketing partnership with TD Bank. Since opening in 2011, The Paramount is recognized as one of the top club venues worldwide by the likes of Billboard & Pollstar Magazine, recently placing 12th in Zions Bank Eight teams of intrepid student entrepreneurs took home $96,000 in prize money to bolster their businesses at the Idaho Entrepreneur Challenge Awards Gala on March 7, Link to content 25

26 Press Release Excerpts In Recognition Capital One Capital One Financial Corporation announced that it has been named as one of the 2015 Fortune 100 Best Companies to Work For. This list, now in its 18th year, recognizes companies that have exceptional workplace cultures. BB&T The BB&T Small Business and Middle Market banking groups have won 22 Greenwich Excellence Awards from Greenwich Associates. The 22 awards include 17 in national categories and five regional awards. Since 2009 BB&T has earned 125 Greenwich Excellence Awards, more than any other bank. Citizens Bank Greenwich Associates has recognized Citizens Commercial Banking with two Greenwich Excellence Awards, one recognizing overall customer satisfaction with Citizens and another recognizing overall satisfaction with Citizens based on clients that use cash management services. Both awards are for the Northeast region. Columbus Bank & Trust Synovus, the Columbus, Georgia based financial services company, has received 19 Greenwich Customer Service Excellence awards in Middle Market and Small Business Banking from Greenwich Associates. Comerica Comerica Bank announced it has received 14 national and regional 2014 Greenwich Excellence Awards for Middle Market Banking and Small Business Banking. First Niagara Bank Volunteers of America has selected First Niagara as a recipient of their 2014 Corporate Supporter Award in recognition of the work the two organizations have achieved together in providing support services and resources for the underserved in the Rochester community. First Republic Bank First Republic Bank has been named top Private Bank in the United States by Family Wealth Report. Link to content 26

27 Press Release Excerpts Frost Bank Frost Bank, one of the largest banks headquartered in Texas, received 21 Greenwich Excellence Awards for providing superior performance and service to small business and middle market banking clients. Frost was the only Texas based bank to receive national recognition for Overall Satisfaction and Likelihood to Recommend in both the middle market and small business banking categories. Hancock Bank Hancock Bank has earned six national and regional 2014 Greenwich Excellence Awards for small business banking. Only 34 of more than 750 banks received 2014 recognition for distinctive quality in small business banking, placing 116 year old Hancock among the top five percent of all banks considered for the awards. Northern Trust Northern Trust announced that it has been recognized as a 2015 World s Most Ethical Company by the Ethisphere Institute. The World s Most Ethical Companies designation recognizes those organizations that have had a material impact on the way business is conducted by fostering a culture of ethics and transparency at every level of the company. Regions Bank Regions Bank has been recognized by Greenwich Associates for providing distinguished quality service to small business and middle market clients. Regions Bank received 28 Greenwich Excellence Awards in 2014, the highest number of awards received by any participating bank across the combined Small Business Banking and Middle Market Banking awards categories. Regions Bank is ranked among the top 10 percent of companies in the recently released 2015 Temkin Experience Ratings compiled by customer experience research andconsultingfirmtemkingroup.thisisthesecondyearinarowinwhichregions has been ranked among the top 10 percent. SunTrust SunTrust has been named a best brand winner for small business banking and middle market banking by Greenwich Associates, which evaluated more than 750 banks for the awards. Along with the top overall honors, SunTrust was recognized as a best brand for loans or lines of credit and cash management in both small business banking andmiddlemarket banking. Link to content 27

28 Press Release Excerpts U.S. Bank U.S. Bank announced that it has been recognized by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices, as a 2015 World s Most Ethical Company. The World s Most Ethical Companies designation recognizes those organizations that have had a material impact on the way business is conducted by fostering a culture of ethics and transparency at every level of the company. Greenwich Associates has recognized U.S. Bank as part of its annual Excellence Awards. The honor is based on feedback from U.S. Bank s small and middle market customers. Respondents gave U.S. Bank high marks for its financial stability, digital experience and cash management. Webster Bank Webster Bank has won Greenwich Associates Excellence Awards for Overall Satisfaction for Middle Market Banking, International Service for Small Business Banking, and Best Brand for Ease of Doing Business and Trust for Small Business Banking. Wells Fargo United Way Worldwide has recognized Wells Fargo for leading the largest workplace giving campaign in the U.S. in 2014, marking the sixth consecutive year Wells Fargo has earned the honor. During the company s month long Community Support and United Way giving campaign, Wells Fargo team members pledged $70.5 million, a nine percent increase from 2013, and the 12th consecutive year over year increase. Zions Bank It s one thing for a financial institution to claim they have top notch business products and service. It s quite another to prove it. But thousands of businesses polled by Connecticut based Greenwich Associates, an independent market research firm, helped Zions Bank do just that. Zions Bank as part of Zions Bancorporation earned 24 Greenwich Excellence Awards, the second highest number of awards given among all U.S. banks for The bank took top honors in the Middle Market Banking category, comprised of banking clients with $10 million to $550 million in annual sales. Link to content 28

29 Press Release Excerpts New Branch/Office Openings Associated Bank Associated Bank has opened a new branch bank in Sun Prairie. Bank of the West Bank of the West announced the opening of its new wealth lhmanagement and banking center in Indian Wells. Situated within the upscale southern California resort shopping area and blocks away from the Indian Wells Tennis Garden where the BNP Paribas Open is held, this center will serve the bank s clients with comprehensive wealth management and banking services. Huntington Bank Huntington Bank announced that its planned 2015 opening of 43 full service branches in Michigan Meijer stores will add approximately 250 jobs throughout the state, bringing the number of jobs Huntington has added over five years in Michigan to 700 for a total of 2,300 Huntington employees in the state. Technology BBVA Compass Apple co founder Steve Wozniak will offer his perspective on the digital economy to BBVA Compass clients this spring as he headlines the bank's economic forums. Citibank Citi announced it will launch a banking app designed for Apple Watch when Apple brings the device to market in the U.S. on April 24, Among the first banking apps for a wearable device, the Citi Mobile Lite app will enable Citi U.S. debit and credit card customers to view account balances and recent transactions and to receive real time notifications of credit card transactions at a glance right on their wrist with Apple Watch or iphone. FirstMerit Bank FirstMerit Bank announced that its Apple ios and Android Mobile Banking Apps now include Popmoney, a simple and secure service that allows customers to send and receive money electronically. FirstMerit it Bank announced itsexternal transfer service, which h allows consumer and small business customers to transfer money between FirstMerit deposit accounts and accounts held at other financial institutions. Link to content 29

30 Press Release Excerpts KeyBank Starting March 17, 2015, KeyBank customers are now able to use Apple Pay to make simple and secure payments at more than 700,000 businesses across the United States and select ios apps. Northern Trust Northern Trust announced that Northern Trust debit cards now support Apple Pay, in addition to Northern Trust branded credit cards that already support Apple Pay. U.S. Bank U.S. Bank has announced that it is working with Samsung Electronics Co. to enable U.S. Bank card members to use the new Samsung Galaxy S6 phone for credit card transactions as the bank continues to develop secure, convenient and innovative payment options. U.S. Bank has made an investment in and joined clearxchange, the largest bankfocused digital payments network in the United States. With the addition of U.S. Bank, the clearxchange network now includes 5 of the largest banks in the United States, along with multiple regional financial institutions, who together serve over 100 million online banking and 50 million mobile banking customers. Wells Fargo Wells Fargo announced a new update to its mobile banking phone app that provides customers with the option of selecting Spanish as their preferred language. Miscellaneous Santander Bank Santander Bank announced the launch of its I LOVE MY BANK initiative. The innovative colleague engagement and customer service program is part of the Bank s broader 2015 effort to strengthen its connection to its customers and colleagues itstwo most important constituencies through investing resources into enhancing those relationships. Link to content 30

31 Press Release Excerpts (Credit Unions) Charitable Giving/Community Involvement Alliant Credit Union Alliant Credit Union is pleased to announce that it is accepting applications for the 13th annual Members Scholarship Program, offering $2,000 scholarships to five of its members. StateEmployees'CreditUnion More than 50 students and several teachers from Daniels Middle School were welcomed to State Employees Credit Union s Raleigh Salisbury Street office to take part in a Students@Work initiative hosted by SECU, in conjunction with the North Carolina Business Committee for Education and the North Carolina Department of Public Instruction. ti On February 28th, 2015, State Employees Credit Union joined efforts with College Foundation of North Carolina and the North Carolina Association of Student Financial Aid Administrators for the seventh consecutive year in support of the statewide public service event FAFSA Day. Nearly 2,400 students and their parents traveled to one of 317 FAFSA sites offering help with completing and electronically submitting the Free Application for Student Financial Aid (FAFSA). At the 2014 State Employees Combined Campaign Statewide Recognition Reception held at the Governor s Executive Mansion this week, State Employees Credit Union (SECU) employees and members were honored with three awards in appreciation of their generous support. Serving as Campaign volunteers and participating p contributors, SECU personnel donated more than $79,000 to benefit various charities. In Recognition Navy Federal Credit Union Navy Federal Credit Union announced that it has once again been named to FORTUNE Magazine s Best Companies to Work For list. This represents the Navy Federal s fifth time being recognized, having first earned a spot in The credit union, serving all Department of Defense and Coast Guard active duty, civilian and contractor personnel and their families, jumped 24 spots from 2014 and remains the only credit union to have ever appeared on the list. Link to content 31

32 Press Release Excerpts (Credit Unions) New Branch/Office Openings Navy Federal Credit Union Navy Federal announced a major expansion of its Vienna, Virginia, headquarters, bringing in 600 new jobs and $114 million in capital investment by The credit union cites its strong performance and rapid member growthinrecentyears as the catalyst for the expansion. Pentagon Federal Credit Union Pentagon Federal Credit Union announced that it is bringing back branch operations to the San Antonio community. The branch officially opened its doors for service on March 16, A full week s worth of grand opening activities continued through March 20. Technology Pentagon Federal Credit Union Pentagon Federal Credit Union announced that it has joined the growing ranks of financial institutions that now bring Apple Pay, the easy, secure and private way to pay, to all its PenFed Visa credit and debit cardholders and American Express Cardmembers. Security Service Federal Credit Union Driven by the vision to become America s Best Credit Union, Security Service Federal Credit Union is adding a new layer of security to protect member accounts. Security Service launched real time credit and debit card text fraud alerts. This free service is designed to help prevent fraudulent transactions from occurring on members credit or debit cards. Miscellaneous Pentagon Federal Credit Union Pentagon Federal Credit Union (PenFed) announced the credit union has joined the Allpoint Network, which means PenFed members now have access to America s largest surcharge free ATM network, with some 55,000 surcharge free ATMs worldwide. For any additional information on this report or any banking research needs, please contact Chad Watkins at ext Link to content 32