By Elizabeth W. Pearce
Any Southwest Florida business that’s still growing almost 10 years after opening has bragging rights. Any community bank that does so is in a league of its own.
Since opening in December 1997, Riverside Bank of the Gulf Coast has done what few of its S.W. Florida competitors have ever done – remained a community bank.
“We really are your hometown bank,” said John Moran, president and CEO of Riverside Bank. “When we say our heart’s in everything we do, that’s not just an empty slogan. We’ve always been about that.”
At Riverside, the term “hometown” does not mean “small-time.” Since 2000, when Moran took the helm of Riverside’s local headquarters in Cape Coral, the bank has grown from 36 employees and about $60-65 million in assets to 185 employees and approximately $590 million in assets. What’s more, Riverside now has 13 banking centers from Bradenton to Naples. The bank also has in-store branches at two Wal-Mart locations.
According to the southeastern edition of Danielson & Associates New Bank Report released earlier this year, Riverside is giving competitors a run for their money. Compared to other Florida banks that started in 1997, it is the second largest, in terms of size of assets, as well as the most profitable. The same report reveals that among 458 banks started since 1988 in four southeastern states, Riverside ranks 20th in size.
Typically, this is where most community banks cash out of the market via acquisition by a large, national entity. Riverside, however, continues to look for new ways to serve its customers while making their banking experience personal and fun. In contrast to the cool reception that many big bank customers encounter, a trip to a Riverside banking center may feel like a trip down memory lane.
The Personal Touch
Besides being addressed by name, Riverside customers enjoy benefits that no other banks offer. For example, on Mondays, Riverside regulars know they’ll find freshly-baked cookies waiting for them. On Fridays, the aroma of hot popcorn wafts from a cart in the lobby and visitors are encouraged to scoop up a bagful.
In addition, there are theme parties and other special promotions throughout the year, such as chances to win a free iPod, cash drawings and gasoline giveaways. Also, the bank is planning a year-long celebration of its 10th anniversary with different promotions each month during 2007.
Going the extra mile has earned Riverside an unusually loyal and enthusiastic clientele. One customer was so pleased with the assistance he received when he transferred one of his business accounts to Riverside, he decided to move other corporate accounts there, as well. “And then he did something remarkable,” said Moran.
“He sent out 1,000 letters about Riverside to his customers, explaining how happy he was with the service he received and urging them to consider banking with us. We didn’t ask him to do that – but we’re very grateful that he did.”
Many customers, such as John Eicher, turned to Riverside after encountering poor service and uncaring attitudes at some of the area’s largest national banks. Eicher recently switched his business account to Riverside after his long-time bank continually put lengthy holds on his deposited checks. Frequently, this forced the owner of Cape Coral-based Aquatic Pools of Southwest Florida to pay subcontractors out of his personal account.
“Running a business is not an easy job, especially if you’re just starting out,” said Eicher. “If you have tens of thousands (of dollars) in holds and have to meet payroll, what do you do? The other bank wouldn’t listen to us. When we tried to call, we got a machine. So I went to Riverside and talked to them.”
There, Eicher discovered “a totally different atmosphere than at the other bank. Real people answer the phones and call me back. They understand what it’s like to run a small business and they know their customers. It’s like a big family at Riverside.”
Even before he switched his account, Eicher says that Riverside made custom fliers with financing information to give to his pool customers, complete with his company’s logo, name and other personalized information. Eicher is now in the process of switching his personal accounts to Riverside, as well. “I can’t imagine going to another bank now and dealing with what we had to deal with before.”
Community Outreach
According to Moran, Riverside views itself differently from most community banks, which often focus on distinguishing themselves from the megabanks. “A hometown bank is what many people grew up with,” he said. “They’re the bank from days gone by that sponsored the local sports teams and cheerleading squads, and who put up the billboards on the football and Little League fields.”
Riverside has worked diligently to revive the concept of community service and is continually seeking new ways to get involved. “One of our core values is ‘team above self.’ We expect our employees to carry the same spirit they show at work out into their community. This world is not about us, it’s about helping other people. That’s why we are dedicated to getting out there and serving.”
Not by accident, CORE is the acronym for Riverside’s official volunteer program, Community Outreach of Riverside Employees. As an incentive to volunteer, each employee gets 16 hours per quarter of paid time off to volunteer in the community – read at a local school or serve at a soup kitchen, for instance. Typically, it’s on behalf of a non-profit organization close to where they live, although it doesn’t have to be.
“It can be anything that floats their boat or rather, their heart. That’s how volunteerism has worked for me. If I’m excited about it and it moves my heart, I want to be a part of it,” said Moran. Besides the executive staff, program participants include couriers, loan processors, tellers and other employees who’d like to be more active in the community.
“Our goal is to get 100% involvement, or 185 employees out there doing 16 hours per quarter, which is a hefty commitment to the community,” he noted. In addition to the paid time off, Riverside donates $100 in the employee’s name to the local charity that was served.
Riverside is especially well known for supporting local high schools, including awarding scholarships to deserving students. In recent years, Riverside has been so closely involved with various activities at Cape Coral High that it’s now the school’s official bank. And during October’s homecoming at North Fort Myers High, Riverside managers and other employees took over for parents who work the concession stands. “That way, they could watch their kids participate in the festivities instead of flipping burgers and cooking hot dogs,” said Moran.
Working over a hot grill is nothing new to employees of Riverside, which has had a grill program for years. The program provides non-profit groups with large, commercial grills and sometimes, employees, for special events. Those (eight) grills are in such demand that we sometimes have to get on the waiting list to use them,” joked Moran.
Innovations and Expansion
Riverside executives agree that while many banks strive to gain market share in order to attract buyers, Riverside does so to make it more attractive to customers. Currently, it is expanding its menu of business services, including cash management and small business checking.
“To the owner, that business is not small,” said Moran. “That’s why we recently unveiled our Business Banking Program, which is designed to meet the needs of business customers with companies of all sizes.”
As a full-service bank, Riverside is constantly exploring new ways to stay current with changing technology and customer needs. Although it has offered customers free online banking for years, the bank is now in the process of upgrading its electronic BillPay system.
“We’re always evaluating what our customers need and then helping them get it,” said Chief Operating Officer Tammy Kitchen. In fact, the bank’s newest locations have been designed specifically with these needs in mind.
In Cape Coral, for example, Riverside’s new two-story,16,000sf headquarters building on Santa Barbara Boulevard features a number of innovative touches including:
• An open lobby to facilitate expeditious customer service. Upon walking through the front door, customers are welcomed with a smile and guided to the appropriate banking area;
• Private rooms for clients to conduct bank business rather than at an open desk in the lobby;
• A Starbucks coffee bar and high-topped tables where customers can relax; and
• Unassisted access to safe deposit boxes. By using a biometric hand reader, programmed to read a person’s handprint, customers can get into their boxes without the usual lengthy wait for assistance. A key is still required to open each box and other measures have been implemented to ensure security.
Kitchen said that customers can expect to see similar features at Riverside’s new Southwest Florida branches. In addition to one now under construction in Golden Gate, at least two other full-service banking centers are planned for Fort Myers and Lehigh Acres within the next 24 months.
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