index business gen y atms social checking seminars marketing twitter

Size: px

Start display at page:

Download "index business gen y atms social checking seminars marketing twitter"

Marsha Hoover
8 years ago
Views:

1 A California bank s $50 million Small Business Lending Program has a Go Local marketing theme that s also promoted with officer calls S get them. ummit State Bank ($460 million, Santa Rosa, California) wants to attract small business accounts, and has developed some successful strategies to For example, the bank adopted a Go Local initiative five years ago, and then enhanced it two years later with a $50,000,000 Small Business Lending Program. Thomas Duryea, President and CEO, says that Summit was one of the first financial institutions in the area to herald the local aspect in an external and internal marketing campaign. July 22, 2014 Page 2

bank adopted a Go Local initiative five years ago, and then enhanced it two years later with a $50,000,000 Small Business Lending Program.

2 When we first supported the GO LOCAL co-op, we shared the Bank Local message in all of our advertising, says Duryea. We ran billboards, radio, and print ads, and every employee donned a Bank Local button to help start conversations about the impact this movement has on our local economy. In response to local community need, Summit launched its $50,000,000 Small Business Lending Program, and it was started during a time when small businesses were having trouble finding capital to build their companies. The main complaint in the media was that small businesses were having trouble accessing capital. Being a community bank, we are very invested in our community, and the people and families who live in our community. Our job is to support and do what we can to make our community members successful. We wanted our business owners to know that we had money to lend, and that we were in support of local companies and organizations. July 22, 2014 Page 3

In response to local community need, Summit launched its $50,000,000 Small Business Lending Program, and it was started during a time when small businesses were having trouble finding capital to

3 Summit State Bank pledged to lend $50 million to small businesses in the area. The program has been a tremendous success, says Duryea. Not only have we exceeded our goal in 2012 and 2013, but we are ahead of plan for With the launch of the program, employees Bank Local buttons became Lend Local buttons to share the importance of local lending. Whether our employees were in the community talking with a small business owner or a consumer, they would often get asked about the button and what it meant. It was a great way to start conversations about our initiative. July 22, 2014 Page 4

With the launch of the program, employees Bank Local buttons became Lend Local buttons to share the importance of local lending.

4 Duryea says the conversation was pure and direct: Keep money within the community via a local financial institution to grow and develop that area. When we can lend money to small businesses, we are helping the economics of the area, but are also supporting the business owners who can pay employees and support their families. In addition to the external message, the bank uses the promotion of customer businesses as a way to convey the Go Local message. July 22, 2014 Page 5

When we can lend money to small businesses, we are helping the economics of the area, but are also supporting the

5 In all five branches, we have a display promoting one of our local customers and their product. Each month, we change whom we feature so that a variety of customers get that little push. Community event involvement Attending community events is a also high priority for the bank. We will purchase a table at an event and invite key employees, but also half of the table is made up of customers and prospects. It s a great way to make introductions and support our customers. Duryea emphasizes that building business is not necessarily about landing a loan or large deposit, but instead about developing the full relationship, which will include the loans and the deposits. Building relationships takes time. We don t promote the philosophy of getting a certain number of accounts. We would rather get to know the client, figure out how we can help, and forge a working relationship first. The accounts and business will follow. Another way the bank builds relationships with commercial clients is by doing business with its customers. The bank s electrician is also our customer, for example. Our customers are always top of mind and are our true focus. Referrals also make up a large part of the bank s business. At least 30 percent of new business is being referred by customers. Duryea shares a story about how one of his customers got into a discussion with another merchant regarding which was the best bank in the area. The merchant told him he liked Summit, but he should ask another local business that did business with Summit. When the business owner asked the other owner, the other owner confirmed that Summit was the place to do business. He says that today, that prospect is now a Summit customer. You have to treat your customers as though your life depends on it. If you don t have customers, you won t have a job. I tell our people to just be themselves likeable and trusting. Don t rush it. Eventually you ll get there because the relationship is far more important than just getting the account. July 22, 2014 Page 6

We will purchase a table at an event and invite key employees, but also half of the table is made up of customers and prospects. It s a great way to make introductions and support our customers.

6 Duryea says he lives by the following philosophy: If you take care of your people, they will take care of the customers, which in turn builds community. He adds that the bank has an internal referral program, where employees are rewarded for bringing in core relationships. Last year, 70 percent of the entire staff of 65 people brought in a relationship. Source: Thomas Duryea, President and CEO, Summit State Bank, Santa Rosa, CA; phone (707) ; tduryea@summitstatebank.com. July 22, 2014 Page 7

He adds that the bank has an internal referral program, where employees are rewarded for bringing in core relationships.

News Release For Immediate Release

News Release For Immediate Release Contact: Thomas Duryea, President and CEO, Summit State Bank (707) 568-4920 Summit State Bank Reports a 10% Increase in Net Income for 2015 and Declaration of Dividend