Independent Banker - April 2024 - 58

(continued from page 57) customers, "
Kuter says. " This fits well with
our bank's mission of building
relationships that make a difference. "
Had staff not taken the time to sit
her down and listen to what was truly
needed and get to know her, Capitol
Bank never would have established a
banking relationship with her that far
exceeds the legitimate small-dollar
checks she was looking to negotiate.
" Our bank also cashes a lot of
checks for non-customers that are
'on us' checks for a local nonprofit, "
International Finance Bank (IFB) serves both the
needs of its local community and its clients in selected
international markets, says Alex Soto, senior vice
president, head of domestic banking at the $1 billion-asset
community bank.
Foreign nationals with business operations in the U.S.
are often ignored by many U.S. banks because they are
considered high-risk clients. As such, there are many
compliance requirements when they become clients,
Soto says.
International
Finance Bank
Miami
" There are times when
it makes sense to bend
the rules and take a
small risk that reaps big
rewards for both the bank
and their customers or
potential customers. "
-Gary Kuter, Capitol Bank
" But ignoring them really impacts our
community negatively, " he says. " When
people think about foreign nationals
owning a business in the United States,
what gets lost in translation is how
that business can really help the local
community by hiring people and by
generating revenue. "
One client from Venezuela who had an
existing import-export business in Miami opened
a business account and a personal checking account
at IFB about eight years ago, with the intention of
eventually moving to the U.S. because of the unrest in their
home country.
A few years later, the client took out a mortgage with
IFB on a home that they initially rented out. When the
Kuter says. " This nonprofit is a local
community center that issues checks
to people who are unbanked and
underserved and may not be able to
cash those elsewhere. "
When management at Capitol Bank
realized this was happening and why
the people served by the nonprofit
didn't have accounts elsewhere, they
decided to tweak the bank's current
banking product to eliminate the
minimum balance in the savings
account, so that it could bank these
customers, he says.
" Sometimes, getting to know why
these customers can't find a bank
helps us understand what we need to
do to not only help our community,
but attract new customers to the
bank, " Kuter says.
58 // ICBA Independent Banker // April 2024
Jonestown Bank
& Trust Co. staff
members with
three future
Community
Home residents
and Stinker
the dog
Photo: Image Studios, Inc.

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
Independent Banker - April 2024 - 4
Independent Banker - April 2024 - 5
Independent Banker - April 2024 - 6
Independent Banker - April 2024 - 7
Independent Banker - April 2024 - 8
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Independent Banker - April 2024 - 20
Independent Banker - April 2024 - 21
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