Independent Banker - August 2019 - 48

NONBRANCH BUILDER
Citizens Bank of Edmond * Edmond, Okla.
Assets: $300 million
Redefi ning the branch
hen Citizens Bank of Edmond sold off
all but one of its branches in 2013,
president and CEO Jill Castilla swore the
community bank would never have branches again.
That was before the $300 million-asset bank
in Edmond, Okla., found itself connecting with
millennial small-business owners in Oklahoma City's
Midtown neighborhood. Business owners were eager
to move their business to the bank, but there was a
problem. Many of the businesses were cash-heavy and
needed easy access to currency outside of banking
hours. " We heard stories of merchants going door to
door to barter and exchange to get pennies, nickels,
quarters, " Castilla says.
W
She didn't want to turn away business, but
she also didn't want to open a new branch.
And after research and brainstorming with the
owner of a local coff ee shop, Castilla couldn't fi nd a
ready-made solution. So, Citizens Bank of Edmond
modifi ed an off -the-shelf interactive teller concept
that Castilla designed to build on technology to create
Midtown Bank, a 1,000-square-foot unmanned bank
available 24 hours a day. Citizens Bank worked with
vendors to design two pieces of technology: one that
allows customers to deposit, withdraw and exchange
bulk cash, and one that dispenses rolled coins.
Located across the street from the coff ee shop,
the self-service electronic banking facility provides
currency counting, change orders and rolls,
bulk change collection, free Wi-Fi and a meeting
space available to customers. " We see about 250
transactions a week, " Castilla reports. " Within three
months we had $15 million in loans, which paid for
our fi ve-year lease and equipment. "
Customers were originally required to sign a
nondisclosure agreement to see and use the space.
" We did not realize we were creating something
Citizens Bank
launched a
coworking space,
dubbed Vault
405, in 2018
for its nonprofit
and business
customers.
" I'm a big believer in
turning weaknesses
into strengths. "
-Jill Castilla,
Citizens Bank of Edmond
48 Q ICBA Independent Banker Q August 2019

Independent Banker - August 2019

Table of Contents for the Digital Edition of Independent Banker - August 2019

Table of Contents
Independent Banker - August 2019 - Intro
Independent Banker - August 2019 - Cover1
Independent Banker - August 2019 - Cover2
Independent Banker - August 2019 - Table of Contents
Independent Banker - August 2019 - 2
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Independent Banker - August 2019 - Cover3
Independent Banker - August 2019 - Cover4
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