To change or not to change banks? That is a question most business owners will weigh at some point in the future. As one of the oldest family-owned banks in the country that has served business customers for over 100 years, we do not take change lightly. However, we recognize that change can be a good thing, especially when the health and future of your business is at stake. So when is it time to change banks?
First Gauge Your Banking Relationship
Though there are a variety of elements that are a part of gauging your relationship with your current banker, the nature of your relationship comes down to one question: How well does your banker know you?
Does your banker know you personally? Your vision and hopes for the future?
Next, evaluate your banker’s knowledge of your business. At First Bank, we strive to know nearly as much about your business as you do. Here are some questions to ponder:
• Does your banker know your key financial information and how your business makes a profit?
• Does your banker know your critical success factors as well as your key risk areas?
• Does your banker know the strengths/weaknesses of your business?
• Does your banker know your key competitors?
• Does your banker alert you to new products and services?
• Does your banker claim to work for a “community bank” when in reality that bank is in another town?
• Does your banker regularly visit your business?
• Does your banker offer free business checking as well as waive fees on other business products?
• Do you have regular access to your banker? Does he or she reach out to you with regular calls?
• Is your business banker available to you on Saturdays?
If you answered “no” to many of these questions, it may be time to look for another bank.
Seeing the Big Picture
No one has a crystal ball but your banker should help you see the big picture and plan for the future. Your banker should also have some ideas on how to optimize your success for the long term.
At First Bank, we see the big picture. We are also large enough to serve all your financial needs but small enough to care. It is an advantage that separates us from other banks. Are you ready for a change?
Dana Gibson is the branch manager for First Bank’s new office in Valencia, conveniently located at the Promenade Shopping Center. For more information, please call 661-254-7409 or dana.gibson@fbol.com . First Bank is one of the largest privately owned banks in the country with $10.3 billion in assets and 218 locations in California, Illinois, Missouri, Texas, and Florida.