Independent Banker - December 2022 - 72

CONNECTIONS TRAILBLAZER
With many being poker enthusiasts
themselves, the team at Lexicon Bank
knows how to serve their clientele.
regulators comfortable. I mean, that's
what a community bank does. "
Offi cers at banks restricted by rigid
policies often recommend Lexicon to
clients they can't accept, and Lexicon
will take them on if they are legal, if
the bank has a way to monitor them
operationally and if they align with
the bank's strategic direction.
When a director from the World
Series of Poker called the bank
chairman on a Sunday afternoon, he
looped in Watkins and they planned
for her and another team member
to be at the bank at 8 a.m. Monday,
before regular hours, to open an
account in time for the client to
catch a fl ight.
" I met with them and the banker
at the branch, and we were able to
facilitate that account, " Watkins says.
" It's worth several million dollars
Nelson says. " We know who they
are, we know what their transactions
typically look like and we can connect
them with somebody who can help. "
A small-business pipeline
While Lexicon Bank doesn't off er
consumer or mortgage lending, it
does do small business lending,
which suits its market. Several
poker players own businesses and
have brought over those accounts to
Lexicon. In addition, poker players
have recommended other players and
small business owners to the bank.
One example of this was a surgeon
who planned to set up a surgical
center but had little business
experience, so he came to Lexicon for
assistance. " We quickly introduced
him to our broker, merchant service
processing and payroll processing,
and linked him to our insurance
broker, " Watkins says. " As a concierge
bank, we were able to provide those
value-added services that don't have
a fee schedule. So we might not be
getting $5 or $25 for that, but we're
getting a relationship, a deposit
account and potentially a commercial
loan down the road. We're focused on
the bigger picture. "
Staying above board
With a large 14-member board
of directors who know, and often
own, local businesses, Lexicon has
a local team that can make lending
decisions fast, whereas outside
banks can frequently be stuck
with infl exible underwriting rules
from headquarters.
" We do have legal businesses
and industries that make Las Vegas
thrive, " says Watkins. " We have found
a way to service that and get the
66 Q ICBA Independent Banker Q June 2022
December 2022
because of that concierge experience. "
" We have businesses who say
they want to bank with us because
they want to give their dollar to a
bank that's doing something for
the community. " ƒ
Tom Groenfeldt is a writer in Wisconsin.
QUICK STAT
$52M+
The gross gaming
revenue of the
gambling industry
in the U.S. in 2021
Source: Statista

Independent Banker - December 2022

Table of Contents for the Digital Edition of Independent Banker - December 2022

Table of Contents
Independent Banker - December 2022 - Cover1
Independent Banker - December 2022 - Cover2
Independent Banker - December 2022 - Table of Contents
Independent Banker - December 2022 - 2
Independent Banker - December 2022 - 3
Independent Banker - December 2022 - 4
Independent Banker - December 2022 - 5
Independent Banker - December 2022 - 6
Independent Banker - December 2022 - 7
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