You Can Bank on It

As a business owner, bank on the bank that offers you security, trust and
a rock-solid working relationship.

By Jay Winchester

Drive around Tampa Bay and you could get the impression that banks are a dime a dozen these days. There seem to be more and more banks being built, rivaling pharmacies and supermarkets. However, there are some key differences among banks and today, more than ever, entrepreneurs and business owners must look closely at each bank to determine the one that is best for their businesses. After all, business banking done right is more about forming a viable partnership between the business and the bank. It’s a strategic decision. Here are profiles of five banks in Tampa Bay that can benefit your business…

SunTrust Bank
SunTrust Bank is one of the oldest and most familiar names in Tampa Bay banking. In business for over 100 years, and with 115 branches throughout the region and a whopping 1,694 branches in the southeast, convenience in checking is an obvious benefit with SunTrust. But the bank’s offerings go well beyond that.

“Businesses need more than a bank account,” says Liana Martino, Executive Vice President and the Commercial Line of Business Manager for SunTrust Tampa Bay. “They want, and need, a solid financial partner who can help them with time management, save them money and provide business advice and attention at their convenience. In today’s economy, a strong relationship between client and banker is critical. At SunTrust, our relationship managers understand clients’ businesses and ensure they are receiving the attention and solutions that are appropriate for their needs. In fact, SunTrust holds relationship managers accountable for reaching out to their business clients regularly to ensure their needs are met.”

SunTrust also believes that informed business owners make better decisions, and not just about where they bank. The firm also developed Business Solutions Central, an online educational resource for business owners, whether they bank with SunTrust or not. Business Solutions Central provides business owners with advice, education and solutions they need to achieve success on their terms, and when it’s most convenient to them. SunTrust is a bank constantly working to uncover practical solutions to the biggest business challenges business owners face.

Part of being a good business bank is helping business owners solve problems. According to Martino, SunTrust can help solve two major problems common to most business. “SunTrust provides specialized services to help businesses save money and become more efficient in a down economy,” she says. “We provide practical and effective ways for business owners to make the most of the resources they have and to simplify, eliminate, automate and delegate the work they do.” SunTrust’s Online Cash Manager and Online Payroll give business owners more control over spending, service quality, and employee effectiveness. SunTrust helps grow the value of your business assets by saving cash, growing profit margins, and giving owners more time to work on building the business.

SunTrust is a bank that puts clients first, is financially sound and secure, and is actively involved in the local community, thanks to its strong leadership.

Regions Bank
Readers may not know this, but Regions Bank is the third largest lender to small businesses in the nation. That shows its company-wide expertise at understanding and meeting the needs of small businesses. “We’re not only one of the largest lenders, but we are also a full-service provider to small businesses – including treasury management services, Internet and mobile services, many locations locally, and the resources of investment firm Morgan Keegan at our disposal,” says John Acosta, West Florida Area President for Regions.

Currently, Regions has 107 branches in Tampa Bay, although the bank is active in 15 other states besides Florida, and has been in business for 150 years. This longevity means that Regions has experience with navigating the rough waters of an economic downturn. In fact, during this difficult time, Regions has seen more customers and more deposits move to its banks as businesses and individuals seek a safe and stable partner.

Still, the bank keeps its focus on helping small business grow. Acosta states that Regions’ focus continues to be on building relationships and working with its small business customers, realizing that a good bank and banker can be one of the most important partners a small business owner has. With the right relationships, businesses can capitalize quickly on opportunities or handle problems early.

Right now, businesses fall into three camps: those weathering the economy well, those getting by and those that are struggling. While expansion may not be a problem, knowing how and when to do it can be; and attractive loan guarantees from the SBA and banks like Regions that are looking for opportunities to lend might make this one of the best times to consider expansion. On the other hand, for struggling businesses or those anticipating problems, there is help. Lenders and the federal government have programs in place, like the Small Business Administration’s ARC loan, that are designed to help viable businesses get through this time.

As for the current struggles, Acosta offers this encouragement: “Being realistic about what’s ahead is probably one of the best pieces of advice. Right now, there is opportunity out there. There are consumers willing to spend, banks willing to lend, and incentives from the government to move us forward. Small businesses have always been the front lines of recovery and expansion, and as opportunity presents itself, the entrepreneurial spirit that drives our nation will be one of the forces propelling us forward.”

American Momentum Bank
American Momentum Bank operates 10 branches in Florida, with five operating in the Tampa Bay region. It is one of the newest banks in this survey, coming up soon on its third anniversary. However, in today’s economy, new can be a good thing. “We are a consultative team of bankers,” says Executive Vice-President Rita Lowman. “American Momentum Bank first listens to the client’s needs, asking the right questions and providing our clients with cost effective options. We make transitioning to our bank easy. We have a plan that works and we strive to become their partner, not just their bank.”

American Momentum Bank also provides on-site support to its clients to ensure they are comfortable with all of its products. As an operating principle and a matter of practice, the bank provides clients with access to account officers and support teams. “We don’t send our clients to a 1-800 number for help,” says Lowman. “We know our clients and we give them the respect they deserve, bringing relationship solutions to our clients. We take a true consultative approach in evaluating client needs and we present customizable solutions that fit those needs. In this way, we truly are our clients’ advocate.” How do clients feel about this advocate strategy? “Our clients tell us that they appreciate answers and decisions that are timely,” she says. “We are able to deliver what they require, and we feel that is a significant competitive advantage.”

American Momentum Bank also strives to deliver consistency across the board, a factor that is helping the bank grow. “Our associates are committed to growing our bank, and we are fortunate to have many associates that understand the importance of a client relationship,” Lowman says. “Our clients are serviced by the relationship bankers in their market, and they trust that we will provide guidance and direction that helps them achieve their business objectives and goals.”

The bank offers its clients truly customized banking solutions, understanding that each and every client’s need is unique and that not every business will fit inside a box. Two of American Momentum’s unique services for businesses are Check Collect and Escrow Advantage. Check Collect is a product where American Momentum Bank handles for free the collection of returned items for its clients, saving them both time and money. Escrow Advantage eliminates the need to maintain multiple bank accounts for managing escrow dollars. The bank handles the reconciliation and provides daily or monthly reporting so that clients do not have to spend valuable time and money reconciling multiple accounts. There are very few banks offering this type of service.

Synovus Bank
Synovus Financial Corporation was founded in the 1880’s. Today, of its 30 affiliate banks, five can be found servicing Tampa Bay and other regions of Florida. The banks operate in a decentralized environment, meaning that each bank operates with a certain level of local authority with client decisions made by the people the clients see every day, people active in their communities who understand local market conditions. In other words, local management makes local decisions.

“Our ability to deliver these services quickly and efficiently is powered by the fact that we help customers manage their businesses without the usual tangle of out-of-state approvals from people they have never met,” says Jan Hyink, Vice-President of Marketing. “As a community bank and an affiliate of Synovus Financial Corp., we have the unique opportunity to deliver an enhanced line of products including deposit, loan and credit services, expanded online services, innovative treasury management and creative credit card programs at a local level.”

Like any other business, a bank should always be focused on new service offerings that attract potential clients while simplifying the banking needs of existing clients. Synovus is active in this area. “One that comes to mind is a new business account we recently introduced called Preferred Business Checking,” says Hyink. “It not only provides an affordable checking option for small to medium-sized businesses, but also includes optional treasury services such as Remote Express Deposit and ACH services. Because it’s important that our customers have the right products and services to enhance their operations, we developed this account to fill the gap.”

One problem that many small businesses face is the daily grind of getting their deposits to the bank on time. Synovus offers a great solution in its Remote Express Deposit (RED) product. RED gives companies the ability to make deposits electronically, without ever having to leave their offices. Using RED also extends the deposit deadline for same day credit to 6:00 p.m. EST.
The bank’s larger customers sometimes experience problems with receiving, handling and processing large volumes of payments via regular mail. Should that problem arise, the bank’s wholesale and retail Lockbox service is the perfect solution for these clients. Synovus receives and processes payments, then deposits them directly into the business account.

As far as a look ahead goes, Hyink offers these parting words: “Partnering with the right financial partner is half the battle in weathering these tough economic times. Regardless of where a business does their banking, they should be looking to their bank for help and guidance.”

Bank of Florida
Bank of Florida Tampa Bay, in business here for the last five years, positions itself as Your Hospitality Bank, meaning whoever you are, they are there to extend a friendly hand and help in any way they can. It services the five county regions of Tampa Bay with its other two separately chartered affiliate banks serving Southwest and Southeast Florida. The firm also has a wealth management and trust company serving its clients. As a whole, Bank of Florida continues to experience impressive growth despite the economic slowdown.

In terms of business banking, Bank of Florida offers some of the services typical of most banks, but they also feature the human touch focused on customer convenience. The prime example of this is the bank’s Door to Door Bankers. These bank employees drive to client locations to pick up non-cash deposits. There is no leaving the office for a long drive to the local branch and then standing in long lines while your lunch hour ticks away. It’s an example of a simple idea that works to generate good will on the part of clients. “Our Door to Door Bankers eliminate the need for a large branch network because we bring our bank to you,” says Allison Tutwiler, Vice-President. “Our company was built on the tenet that decision-making is best made at the local level which is why we have created leadership teams and separate Boards of Directors for each of the regions we serve.”

Like any good business bank, Bank of Florida understands that good business is built by good relationships. This extends beyond the relationship between the bank and its clients to relationships between the clients themselves. Tutwiler explains: “As a community bank, we believe it is our responsibility to do what we can to foster growth and success within our business community. By bringing company owners, community leaders, and professionals together on a regular basis, we serve as a conduit for new business opportunities and resources.”

For more than three years now, Bank of Florida has brought business owners and professionals into its boardroom on a monthly basis to network, discuss Tampa Bay’s business climate, industry challenges and opportunities, and the future of Tampa. As of July, 2009, there are more than 350 members in this CEO Forum.

Regarding surviving this recessionary period, Tutwiler offers this counsel: “Continue to build relationships. There has been a structural change in the way we do business today and relationship building is more important than ever. We are fortunate to live in a business community where there are so many opportunities to network and be connected.”

There you have it. Five banks that are good for your business, each committed to serving our Tampa Bay community, our businesses and you!