Independent Banker - April 2024 - 27
educated and more informed about
interest rates. Here are seven realistic
strategies that banks are using to
maintain and grow their deposit base.
1. Leverage your
commercial lending
In a market where liquidity is tighter,
especially for commercial real estate
loans, community banks are using
their commercial lending to attract
new deposits.
For example, First Savings Bank
requires commercial customers
to establish a payment reserve
account at the bank that might range
from 90-day payment reserves up
to six months depending on the
borrower and the loan. In some
cases, that reserve deposit might be
upwards of $200,000.
" We're all chasing
the same deposits
as the large
commercial banks,
and the higher
interest rates have
made it tougher. "
-MORGAN LARSON,
FIRST SAVINGS BANK
2. Expand into new markets
Opening a branch in a new market is
a traditional avenue for growing the
deposit base. Given the high cost of
such moves, it's important to take a
strategic approach to expansion.
Last year, Kennebec Savings Bank
opened a new branch in Portland,
Maine, and offered a premium rate on
new accounts to attract new deposits.
The caveat was that a person had to
come into the bank in person to get
that premium rate, versus opening an
account online.
" We wanted them to meet our staff,
and we wanted to be able to have a
independentbanker.org // 27
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Independent Banker - April 2024
Table of Contents for the Digital Edition of Independent Banker - April 2024
Contents
Independent Banker - April 2024 - Cover1
Independent Banker - April 2024 - Cover2
Independent Banker - April 2024 - Contents
Independent Banker - April 2024 - 2
Independent Banker - April 2024 - 3
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