ABA Banking Journal - June 2010 - (Page 26)
Pass THe asPiRin
ThE BAnkEr-TO-BAnkEr ExchAngE
The Headache Cutting Costs
“What is your bank doing to save money on everyday operations?” we asked our prescribers. Add your own thoughts right away to the discussions at www.ababj.com/ blog/277.html Remedy 1 Myron Rozell, president, First State Bank of Mapleton, Iowa, $46 million-assets. Our most significant areas of savings are in marketing and charitable donations, and we’ve made cuts in other areas, too. Examples: • We are still marketing, but ad sizes may be reduced, and sometimes we’ve cut frequency of
advertising to reduce costs. • Sponsorships are at a reduced level. • Promotions are more directed, and less lavish—but hopefully more meaningful. • Each area of supply has been more specifically reviewed for inventory levels, and we’re doing more price-shopping. One example: we went from using a postage meter to using stamps. • We’ve grown more responsible on maintenance contracts—negotiating harder, exploring alternatives, and balancing remaining value in equipment versus contract coverage and cost. • We’re still using part-time staff where necessary, but we’ve been limiting the number of hours. For instance, we try to cut back by a
half-hour to an hour a day. • We’ve also eliminated overtime for full-timers. Remedy 2 Charles G. Brown III, chairman and CEO, Insignia Bank, $132.7 million-assets, Sarasota, Fla. We’ve been looking for cuts, and one that we’ve found is janitorial expenses. We’ve reduced our cleaning schedule to twice a week, and that’s saving some money.
Weigh in or seek remedies
Send remedies or new headaches to email@example.com. Additional remedies can be found at ababj.com/ blog/ 277.html
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26 | ABA BANKING JOURNAL | june 2010
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