|
|||||||
|
|
|
|||||
|
|
|||||||
|
|
|
by Paula
Fairchild
Summer, '96
Banks like to watch their investments grow. That's what Sue Buch, an officer at Iowa State Bank's new facility, teaches her six-year-old son Branden as he waters the new trees there. The trees will provide shade for the cars in the parking lot, add beauty to the building, and will help the bank blend into the neighborhood. Iowa State Bank's concern for the new plantings demonstrates their close relationship to the community.
By the end of 1996, Fairfield promises to have four new permanent banking facilities--Libertyville Savings Bank, First National Bank, Central Valley Bank, and Iowa State Bank. The decisions to build new facilities--along with the choices of services--tells us much about the banks, their customers, and the community.
Let's look at the customers first. As members of the work force, they look for convenience. They dash from home to work, then to the store--pick up Fluffy at the vet's and drop off Todd at little league. Customers want banks where they work and shop. They want to drive through and use Automatic Teller Machines (ATMs). They want to save time as much as they want to save money. Fairfield's banks have responded to this need--with an added touch of genuine friendliness.
For customers, convenience is synonymous with location. Look at where the new banks are located--all on the west end of town, closer to other services which customers use every day. The banks want to be where the action is and to offer an alternative to their downtown locations. "In 1987 when we purchased the lot from Wal-Mart, we noticed the commercial development at that end of town," says Dean Holst, President and CEO of First National Bank. "We want to provide better service to commercial and retail customers. People like to bank where it's convenient."
Jerry Bradfield, senior vice-president at Libertyville Savings Bank, says their new branch came in response to their customers' requests for a branch in Fairfield because that's where many of them work. Convenience has already proven profitable--since the April 22nd opening of their temporary facility, they have grown by $3 million.
Both Iowa State Bank and Central Valley have reaped new accounts from their new branches. "Traffic is picking up with numerous new accounts and consumer loans," says Sue Buch. Cheryl Messer, manager at Central Valley's branch in Easter's says, "Convenience and extended hours have attracted more customers."
Drive-through windows are another big draw for banks. Iowa State's
branch at Burlington and 4th makes it easy for customers to park or
to drive through. According to cashier Connie Boyer, 60 to 70 percent
of their customers use drive-up lanes. The previous branch had two
which often had long lines. Now they have five. With the additional
lanes, customers will not have to wait more than five minutes for
service. "We calculated the number of drive-through windows we would
need, then we added a growth factor," says David Eastburn, president
of Iowa State Bank. Also featuring drive-up windows will be First
National and Liberytville's new branches.
ATMs have popped up everywhere. First National Bank, Easter's, and Hy-Vee have had ATMs for years. Now Logli's (formerly Casey's) and Everybody's have installed machines. Wal-Mart has come out with a new ATM system that could be the wave of the future: every checkout stand has a mini-ATM that lets you pay directly by debiting your bank. You can also receive cash over and above your purchases. Iowa State Bank provides a double convenience--you have five full-service drive-through lanes as well as a convenient ATM and mail drop.
Drive-through ATMs are especially desirable; they offer added security as well as convenience. They also attract out-of-towners who can easily spot them from the road. Iowa State's drive-through ATM is hot--273 transactions a day, with $23,000 in deposits and $7,700 in withdrawals. More are on the way: both Libertyville and First National plan to have drive-through ATMs at their new facilities.
What do these four new branches tell us about banks? In one word--competition. To stay competitive, banks need to provide the service and the convenience that customers want. Banks tend to offer nearly identical services, so any extra touches can give a bank a competitive edge. The competitive drive is in evidence everywhere in Iowa State Bank's new facility. "We are offering more outside services to be more competitive, including an investment advisor," says Ms. Boyer. "Banks aren't just about depositing and withdrawing money. Services like investment counseling help keep the economy going."
Competition also means free checking services at Central Valley, Iowa State Bank, and most recently, First National Bank. "Our free checking and interest-bearing accounts bring people to us," says Cheryl Messer. "If one bank offers a service, then the others follow suit."
Perhaps it's that midwestern decency that permits Fairfield's Fabulous Four to acknowledge competition and yet be gracious about it. "More banks provide healthy competition," says Connie Boyer. "It tells the community we're prospering." Fairfield's prosperity may be the key to their good attitude.
If the new banks tell us anything about Fairfield, it is that the economy is looking good. Jefferson County boasts one of the lowest unemployment rates in the country. Construction is through the roof. And the business sector looks like the front page of Fortune.
"All in all, Fairfield is a very healthy and vibrant community," says First National's Dean Holst. "The new banks indicate a healthy local economy." Signs of Fairfield's healthy economy touch every sector: business, employment, and construction. New business starts are up, while unemployment in Jefferson County is a mere 2.8 percent. New construction from 1993-95 is over $23 million with projects like the new library, Easter's, Hy-Vee, Fesler Auto Mall, Motel 8, the expansion at Dexter, the Katie Ram Building, the Park Place sub-division, The Raj, The Mansion, and the Chalets on the Lake.
To anyone who drives around town, Fairfield's mini-boom is apparent. "It's obvious Fairfield is a profitable place to do business now and in the future," says Dave Eastburn, president of Iowa State Bank. "When business moves here, it's good, and the financial institutions are able to draw and retain them."
Banks play a vital role in the city's growth. "Businesses look to the local banks first for any financing, so everyone shares in the success," says City Councilman Ed Malloy. "The banks have been good partners, and business looks forward to continuing success."
Continuing success, banks know, depends on a tradition of community service. Whether it be special savings programs to senior citizens, investment services, or the introduction of the latest technology, Fairfield's new full-service branch banks represent a long history of growth in the community, a growth which they foster.
To insure that growth, banks like to start with children. Follow Branden Buch back inside and see how Iowa State Bank encourages the growth of the community. In the lobby, Branden sits at the custom-made children's financial center. He opens the drawer inside the oak desk and pulls out a calculator and play money.
To Branden's left, a book rack offers several books which teach children about money and personal finance. Soon he will be able to call up his own account on a PC with child-friendly software. The bank also has a program that involves going into the schools and teaching students about how checking accounts work.
While Branden calculates his future millions, you begin your own accounting of the new facility. It's worth a visit. Green marble counter tops complement the rich oak woodwork. The bank is filled with light from its many windows, all with etched glass. Sage green carpeting, traditional furniture, and artwork reflect the bank's theme of preserving the past. Soon they will install an 1890s vintage vault door.
"We hand-picked the artwork to reflect the bank's focus on the family and youth," says Sue Buch who was project manager for the new branch. My First Haircut by Charles Peterson captures a faint image of a boy in a barber chair in a now empty barber shop. If you look carefully at the matting, you'll see a tiny pair of scissors and a golden lock of hair. The strands of hair are from Dave Eastburn's children. The fine details are everywhere in the 10,000 square foot building, and beg a closer look. Call Dave Eastburn for a guided personal tour.
One thing is for sure--Fairfield's citizens are the ultimate gainers from all the new facilities and services. You can bank on it.
