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Indeed, since the banking laws that were spawned from the Great Depression, banking has been stable, reliable, and boring. I know, my first job in banking in 1985 at Northeastern Bank of Pennsylvania was making microfiche. First Internet Bank in Indiana was founded in 1998. We can ignore millennials no more.'
This highlights an important banking concept: revenues are mostly driven off of balances, not activity. Malls are experiencing difficulty in the United States, as millennials opt for smaller, urban environments to shop. Since 2006, communitybanks have recognized the need for greater balances in branches to improve profitability.
Groups in North Carolina, Pennsylvania and elsewhere are stepping up efforts to create programs and conferences dedicated to younger bankers, including millennials.
April kicked off Financial Literacy Month so we recently talked with Becky Stapleton, senior executive vice president and chief banking officer at S&T Bank, to learn about the various initiatives they host in order to promote financial literacy in their local community. Is there anything else you would like to add?
Importantly, both grew their banks bigger and bigger while their egos remained as humble as ever. Goes to Greg Smith, retiring CEO of Pennsylvania State Employees Credit Union. Bank Purchase of the Year. CVB Financial acquires CommunityBank. The Millennial Over-Transparency Award. Easy as a golf swing.
Sale of the Year – Scott Custer, Terry Earley and the gang at Yadkin Bank for their successful sale to FNB Pennsylvania and the creation of a new regional power in the Mid-Atlantic and Southern states. see https://www.bloomberg.com/news/articles/2016-06-01/this-is-how-a-banker-in-brooklyn-makes-money-on-millennials ).
Sale of the Year – Scott Custer, Terry Earley and the gang at Yadkin Bank for their successful sale to FNB Pennsylvania and the creation of a new regional power in the Mid-Atlantic and Southern states. The FinTech Partner Best Practice Award – Goes to Cambridge Savings Bank and SigFig for their digital investment platform partnership.
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