Independent Banker - January 2019 - 39

more complex deposit relationships.
The bank has already made inroads with lowering cost
of funds. " We're chipping away at that now, but by then,
we'll have the tools and platform that can handle analysis
and suites and things like that that larger depositors need, "
Timmerman says.
The competition
Competition remains fierce. Thirty-seven percent of
community bank CEOs who responded to our survey say
that another community bank is their top competitor.
Others say their primary competition comes from a money
center or regional bank (26 percent), credit union (16
percent) or Farm Credit System lender (15 percent). For
now, megabanks and fintech lenders are much smaller
concerns (4 percent and 1 percent, respectively).
Competition from credit unions is the biggest business
challenge facing $93 million-asset Pineries Bank in Stevens
Point, Wis., where one- to four-family residential loans
make up 65 percent of the loan portfolio, and business
loans and home equity lines of credit (HELOCs) make up
the difference.
" I'm not normally one to complain a lot about the
competition or complain about credit unions specifically,
but in our particular marketplace and much of Wisconsin,
we have a higher concentration of those financial
service organizations, and they continue to build more
branches, " says Paul C. Adamski, president and CEO of
the one-branch community bank. " It brings in not just
another competitor but a competitor generating loans at
considerably lower interest rates. "
The good news, notes Adamski, is that the local economy
tends to remain steady due to its university and other solid
employers, keeping loan and deposit demand constant.
Technological upgrades
Improving technology is a top concern at 36 percent of
community banks, with respondents citing both customerfacing
and operational upgrades. Just over 20 percent of
community banks are planning to improve their mobile
offerings in 2019.
The Pineries Bank is planning a core conversion that
will improve the customer experience, including upgrading
mobile banking and introducing features such as personto-person
(p2p) transactions, mobile deposit capture
and deposit analysis for commercial customers. The
In your local or regional market,
which is your community bank's most
significant competitor?
4.20%
Megabank
15.38%
Farm
Credit
System
lender
1.40%
Fintech
lender
37.06%
Another
community
bank
16.08%
Credit union
25.87%
Money center or
regional bank
independentbanker.org Q 39

http://www.independentbanker.org

Independent Banker - January 2019

Table of Contents for the Digital Edition of Independent Banker - January 2019

Table of Contents
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Independent Banker - January 2019 - Table of Contents
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