Southern Community Strengthens Focus on Small Business Owner
March 17 2011 - 8:00AM
Marketwired
Southern Community Bank and Trust (NASDAQ: SCMF), one of the
leading small business community banks in the Carolinas, today said
it has created a new division that strengthens its focus on the
small business owner. The bank named Vice President Michelle Koster
as small business banking manager.
"Small businesses are critical to the recovery of our economy,"
said Rob Davis, executive vice president and commercial banking
manager. "They create more jobs collectively than big business. We
have a responsibility to do whatever is possible to help them get
back on their feet."
Southern Community is introducing in each of its 22 branch
offices a new "dedicated small business banker." It is also
incorporating a new, flexible loan process that allows bankers to
take into account the differences and nuances of small
business.
"Big banks centralize their processes, including how they make
loans," Davis said. "Most credit decisions by large banks are made
at the corporate level, sometimes thousands of miles from where the
business owner works and lives.
"But that is not how we operate," he said. "The real difference
has always been in our ability to deliver timely decisions on a
personal level. We believe it's important the business client
speaks directly to the bankers who make the decision."
The dedicated small business banker will also provide personal
financial advice as Southern Community believes that taking a
holistic approach is in the best interest of the small business
owner.
"We see the small business and the owner as one relationship,"
said Koster, who joined Southern Community Bank's commercial
lending area in 2003. "Our approach is really about placing our
knowledge and expertise closer to the small business owner and
providing a level of focus and service that is unmatched in our
industry. We're looking at the whole relationship."
Southern Community Bank, which controls the third largest share
of deposits in the Triad region, opened its doors in Winston-Salem
in 1996 with its primary goal to be the best small business bank in
each of its markets. Today, 80 percent of its total revenues come
from commercial lending.
"In Michelle, we have someone who is extremely bright and
experienced in small business banking," Davis said. "She has the
right kind of leadership to lead this effort and make a significant
contribution to our bank."
The new strategy moves the decision-making closer to the
business customer. For loans and other services, the dedicated
small business banker has available, if necessary, lending
specialists, wealth management advisors and cash management
specialists.
"You cannot fit small business owners in the same credit box,"
Koster said. "Many small businesses simply cannot provide the same
level of financial detail as the bigger companies so they really
need someone who is dedicated to understanding their business.
"Our new credit model was developed to accommodate more of our
personal involvement with the business owner," she said. "We want
to be able to sit down across from our business customers and
explain how and why we've made a decision and, if necessary, advise
them on how to get to the point where we can help them. We may at
times say no to the loan, but we still say yes to the
relationship."
Southern Community Bank has begun prospecting for new business
clients and reaching out to current small business owners. The idea
is to match its reputation for service with a new goal of becoming
more personally involved in the overall financial relationship.
"We have a distinguishable advantage over the larger
institutions," Davis said. "We can move more quickly on decisions
because the decisions are made by local bankers."
Southern Community continues to provide many of its products and
services for little or no charge, products such as Business
Checking, Personal Checking, Online Banking and benefit packages
that provide premium rates on CDs and loans to the employees of the
small business.
Southern Community Financial Corporation, the holding company of
Southern Community Bank and Trust, operates 22 banking offices
throughout North Carolina. For more information, go to
www.smallenoughtocare.com.
Contacts: Rob Davis Executive Vice President
Commercial Banking Manager Southern Community Bank and Trust (336)
768-8500 Michelle Koster Vice President Small
Business Banking Manager Southern Community Bank and Trust (336)
794-9878
Southern Community Financial (NASDAQ:SCMF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Southern Community Financial (NASDAQ:SCMF)
Historical Stock Chart
From Jul 2023 to Jul 2024