The Situation
A Pennsylvania commercial bank entered the Florida market with aggressive growth goals for its first year.
The Challenge
The bank had a limited understanding of the Florida market and no name recognition.
The Solution
Electrum analyzed the market demographics and current rate offerings. From that, we created a promotional CD offer to get people in the door and set goals for cross selling additional products – specifically consumer loans. We also provided training and call guides for the bankers. Once everything was in place, we launched a nine-week direct mail campaign to blitz the geographic area.
The Results
The bank exceeded its deposits goal by 333% and its loans/lines goal by 300%.