LOCAL BANK GROWS CORE DEPOSITS VIA SBA and USDA LOAN PROGRAM
Ridgestone Bank builds relationships, increases customer base
10.08.2009 – As the number two USDA lender and the 44th largest SBA lender in the United States, Ridgestone Bank has customers in every area of the country. However, with only two branch locations, many businesses outside of the bank’s local Milwaukee and Chicago markets have not heard of Ridgestone. Despite the bank’s lack of nationwide name recognition, Ridgestone has grown its core deposits with a customer base that spans the United States.
Many customers outside of the bank’s local market areas use Ridgestone for their business checking accounts because of the relationship they develop during the loan transaction process. “The sheer number of SBA and USDA loans we handle provides us with the unique opportunity to meet people all across the United States. They are often so impressed with how our experienced professionals are able to find customized, creative solutions to their banking issues that they move their entire banking operation to Ridgestone,” comments Bruce Lammers, CEO.
With the ability to make remote deposits until 7:00 pm and have the deposit credited the same day, and today’s customers understanding of the convenience and safety of online banking, Ridgestone has found that a physical location is not a factor in customer growth. “As long as our customers develop a relationship with a banker, whether it is a long distance relationship developed during the loan process or an in-person relationship from coming in to the bank on a regular basis, they are able to be comfortable trusting their banking needs to Ridgestone. Business banking is more about relationships than physical locations,” adds Lammers.
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- How a two-branch Midwestern bank grew core deposits via an active Natonwide SBA and USDA loan program.
- News Facts
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- Ridgestone Bank, with branches in Milwaukee and Chicago, is the Nation's 44th largest SBA lender.
- Ridgestone Bank has been able to develop the relationships from loan transactions to increase their core deposits.
- Ridgestone Bank offers remote banking, which allows customers across the United States to bank with Ridgestone, even if there is not a branch nearby.
- At Ridgestone Bank, remote deposits made by 7:00 pm are credited to the same day.
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- Ridgestone Bank, SBA loans, USDA loans, remote banking, remote checking, remote deposits, commercial banking
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