Independent Banker - December 2020 - 57
have resonated beyond small business banking into retail.
Of One Community Bank's PPP loans, 12% went to new
clients. Half of those new clients established other banking
relationships, primarily deposit accounts. The same is true
for Bank of Yazoo, where 30% to 40% of PPP borrowers were
new relationships.
1st Security Bank chose to limit its PPP loans to existing
business customers
but still managed to
bring in new business
by answering the
phones, connecting with
potential applicants and
following up with them
a week or two later.
" We got a lot of new
business, because even
if we couldn't do the
loan, we checked in, "
Nielsen says. " Our
existing relationship
customers admired
that we prioritized
existing customers
due to resources and
didn't take everyone off
the street. "
the future of retail
Observing the
technological changes
and adoption rates of 2020, Moran believes these shifts in how
consumers bank will be permanent for community banks.
" It will be different going forward, " he says. " While we
like being high service, banks must be ready to have online,
mobile and remote offerings, because that's going to be a
tremendous gauge for success in this industry. ... The longer
we operate in this environment, the more industry customers
will become conditioned to operating outside the traditional
branch network. "
President and CEO Thomas Bailey of $751 million-asset
Brentwood Bank in Bethel Park, Pa., looks to the influence
of large online retailers when it comes to the future of retail
banking. " The combination of personable bankers and
technology to provide banking the way consumers want, when
they want, will be the way going forward, " he says.
Barrett agrees changes like video conferencing are here to
stay, though the banker in him worries that the shift to a more
remote workforce will significantly devalue the Class A office
space segment in loan portfolios industrywide. Yet, he's still
optimistic about the future of retail banking. " Retail banking is
coming back, I feel, " he says. " I'm excited about that. "
Kelly Pike is a writer in Virginia.
independentbanker.org Q 53
" we got a lot of new business,
because even if we couldn't do
the loan, we checked in. [they]
admired that we prioritized
existing customers due to
resources and didn't take
everyone off the street. "
-Kelli Nielsen, 1st Security Bank
http://www.independentbanker.org
Independent Banker - December 2020
Table of Contents for the Digital Edition of Independent Banker - December 2020
Table of Contents
Independent Banker - December 2020 - Intro
Independent Banker - December 2020 - Cover1
Independent Banker - December 2020 - Cover2
Independent Banker - December 2020 - Table of Contents
Independent Banker - December 2020 - 2
Independent Banker - December 2020 - 3
Independent Banker - December 2020 - 4
Independent Banker - December 2020 - 5
Independent Banker - December 2020 - 6
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Independent Banker - December 2020 - 49
Independent Banker - December 2020 - 50
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Independent Banker - December 2020 - 53
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Independent Banker - December 2020 - 57
Independent Banker - December 2020 - 58
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Independent Banker - December 2020 - 60
Independent Banker - December 2020 - 61
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Independent Banker - December 2020 - 71
Independent Banker - December 2020 - 72
Independent Banker - December 2020 - Cover3
Independent Banker - December 2020 - Cover4
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