Independent Banker - October 2018 - 27

PORTFOLIO
municipal bonds as well as individual stocks for them, "
Vranich says.
When purchasing securities for its clients, the department
has direct access to Wall Street through a firm it does
business with, allowing it to do direct trading. " On the
mutual-fund side, we have direct relationships with all of
the fund families that we do business with, " Vranich says.
The department has been growing as a result of internal
referrals from the bank's 33 branch locations, as well
as external referrals from attorneys and accountants.
Vranich hopes that growth will continue.
" We recently purchased a new bank, for example, and
I'm looking for someone to help develop business in that
area, " he says.
Goodfield State Bank
Goodfield, Ill.
Goodfield State Bank launched Goodfield State Bank
Investment Services in 2007. " We were looking for ways
to bolster non-interest income for the bank, " says Chad
Martin, president and CEO of the $115 million-asset
community bank. Martin learned of a local broker-dealer,
Midwestern Securities Trading Company, that had just
started partnering with community banks to deliver
investment services.
" I also happened to know the founder and owner of that
company, " he says. " Around that same time, we happened
to hear about a local person, Jeff Schumacher, who wanted
to switch careers and become a financial advisor. In other
words, all three of us were looking to get into this business
around the same time. "
Schumacher, who is still with Goodfield State Bank in
the role of financial advisor, is an employee of the bank,
not of the broker-dealer, dividing his time between two of
the community bank's three locations.
The bank took a multipronged approach to publicizing
its new services. " Early on, we conducted quarterly
seminars, and I got involved in the community with civic
organizations, being on the board of fundraising efforts,
etc., " Schumacher says.
" Internally, we sent information to bank customers on
retirement planning, retirement income, etc., and followed
up with phone calls, " he adds.
These days, department growth is mainly via word-ofmouth
referrals, not only from existing clients but also
from the bank's frontline staff. " We work with all bank
staff so they understand the benefits of this division and
promote it to their customers, " Martin says.
Schumacher has a knack for building an immediate rapport
and trust with new clients. He also speaks with them
on a regular basis to conduct portfolio reviews.
" In addition, since we are a bank, Jeff gets to know our
Our coverages run the gamut.
At Travelers, we understand that fl exible insurance options
are important to your future. That's why we're committed
to solutions that can evolve with the times. From traditional
property and casualty coverages to innovative cyber protection
packages, Travelers has the ability to adapt to the changing
needs of your fi nancial institution. Today - and tomorrow.
travelers.com
Travelers Casualty and Surety Company of America and its property casualty affi liates. Hartford, CT 06183.
© 2017 The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella
logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries.
CP-9201 New 4-17

http://www.travelers.com

Independent Banker - October 2018

Table of Contents for the Digital Edition of Independent Banker - October 2018