Retail Deposits Reach All-Time-High!

In the midst of the worst recession since the Great Depression, First Fed’s Retail Branch network is doing something extraordinary - growing!  And doing a lot of Happy Dancing along the way.  As of month end February 2009, Retail Branch deposits top $X.XX billion!

2008 and 2009 has been a roller-coaster of bad news for the financial industry, all of which has impacted our deposit clients.  The Retail Branches have weathered the storms extremely well with constant deposit growth since September 2008.  When reviewing the major deposit events that impacted the Bank last year and this year, First Fed actually grew 3 out of the 4 events.  And when you consider that the last event was bad news about First Fed, the growth in deposits is terrific. So what have the branches been doing differently from our competitors?  Maintaining “business as usual.”  Exceptional client service in good times and in bad times is invaluable.  The signature service levels provided by our Branches are unbeatable, and our clients tell us so all the time.  Below is an excerpt of a letter received regarding our Hastings Ranch office, which illustrates some of the benefits we provide our clients: 

“What a great employee you have in Victor (Garcia).  Not only is he knowledgeable with banking procedures (not the case in many much larger institutions) he follows up, and completes what he promises. Paperwork is seemingly effortless.  He makes banking a joy, something I believe is not the norm these days.  When I enter the bank, it is like a throwback to the old days - both yourself (Anita Shaw) and Victor making me feel like a valued customer (aka client).”

Being extremely knowledgeable about FDIC limits has also been an ace up the retail branches’ sleeve.  During and since the FDIC fire drill last summer, our branches have surpassed the competition in being more knowledgeable about the FDIC limits, using the EDDIE calculator and going above and beyond to assist clients with reviewing their deposits held at other institutions – all of which have been a factor in growing the Retail Branch network’s deposit base in a very competitive market.

“Mr. A came into my (Art Bikidjian) office yesterday. He stated that he had $X00.,000 at WAMU and was ready to disburse his funds into different institutions in amounts of $123,456 or less. I started explaining to him how there is a misconception that FDIC only covers $123,456, and that if the accounts are structured correctly, a client can be covered for over a million dollars in one financial institution. At the end of my conversation, he pulled out his checkbook and wrote us a check for the full $x00,000

Additionally, when the Branches continue “business as usual,” they use every opportunity to profile the client and make a sale.  Sales ambassadors are abundant within the Retail Division and are the key to developing client relationships at every opportunity. See the following for a recent example of turning a “wrong number” into a deposit sale for the Bank.  next>>