Independent Banker - January 2024 - 42
patterns
Growth
Surging population growth brings opportunities for community banks
that are positioned to take advantage of it. According to recently
released U.S. Census Bureau reports, Georgetown, Texas; Lehi, Utah;
Cape Coral, Fla.; and Nampa, Idaho, are four of the cities that have
grown signifi cantly in population from July 2021 to July 2022. Eager to
grow right alongside their cities, these community banks took a look at
their potential new customers and jumped at the chance to serve them.
We spoke to them to learn how they did it.
BY JUDITH SEARS
Tapping into 'the new Utah' in Lehi
Competition is baked in the pie for Altabank. Lehi, Utah, home to one of the
community bank's 23 branches, experienced 5.6% population growth in 2022.
" There are 113 banks and credit unions in Utah and a population of
3.5 million people, " says Stan Sorensen, chief marketing offi cer of the
community bank. " That's a whole lot of competition for not a lot of people. "
Altabank, the largest division of its $28.1 billion-asset holding company,
Glacier Bancorp, Inc., has achieved substantial success with small- and
medium-sized businesses.
" In this market, there are a lot of small banks that do well with small
businesses, but the businesses outgrow them, " Sorensen explains. " The
businesses are still too small to get the type of attention they want from
regional banks. A business between $4 million and $50 million is the perfect
size for us, and we're the perfect size for them. That's where a lot of our
business growth has come from. "
Altabank positions itself as a premier advisor and supporter of small and
medium businesses. According to Sorensen, its customers have said they want
42 /// ICBA Independent Banker // January 2024
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Independent Banker - January 2024
Table of Contents for the Digital Edition of Independent Banker - January 2024
Contents
Independent Banker - January 2024 - Cover1
Independent Banker - January 2024 - Cover2
Independent Banker - January 2024 - Contents
Independent Banker - January 2024 - 2
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