Encino State Bank was a start-up single-branch local bank that grew to four locations before being sold. It was started by senior banking executives who were principals in another recently purchased local bank, intent on serving small business and high net worth individuals.
Challenge: In order to generate loan and line of credit income, Encino State Bank first had to generate deposits sufficient to meet regulatory requirements. Though the senior executives were well known in the community, the bank was not…and they were contrac-tually prohibited from directly soliciting former clientele.
Solution: Encino State Bank’s point of difference was personal customer service, specifically delivered by these senior, experienced banking executives. We created a campaign featuring specific executives as the key contacts for prospective customers. Our intent was to communicate that the top team would personally serve client accounts, as well as to let former clients know where to finds them. We utilized regional newspapers in the business section, radio, and direct mail targeting high net worth individuals and medium size area businesses.
Result: The goal of the campaign was to build initial deposits to $35 million in the first year and $50 million by the end of the second year. Actual deposits totaled $52 million and $73 million, respectively.