In the summer of 2013 they cut a number of the retail staffs in the branches. Instead of having one branch manager, you now had a branch manager to 2-3 branches. The problem I have with this stupid company is their unwillingness to be more aggressive in loan policy. I've never seen a more snobbish bank that claims to be a community bank, yet does nothing for its communities.
I honestly believe Kelly King and company are sucking their thumbs at this point looking for someone to buy them or merge. They want to advertise as a big bank, yet won't take on $50MM-$100MM credits. They prefer $1-10MM credits. On the retail side, they increase fees if you don't have a direct deposit of a certain amount or you don't keep a minimum balance in your account. It really is a terrible bank and I don't know why anyone banks there.
Paradigm shift in the processes that are applied to manage financial activity.
14 years ago I moved EVERY thing to a financial services company that started life as an insurance company (I have carried their insurance since 1968) and has grown impressively in the breadth of services provided to members.
I have never even seen the physical location of my bank.
All transactions are now online with a rare reversion to snail mail - they are mailing a new window decal, and never any need for physical presence. Deposits I make from the chair in which I am writing this post, using the scanner next to my computer. There is a size limit for online deposits but I have never come near it. It was $10,000 but I think that has been increased to $20,000. Should I ever have such a large deposit it will be very easy to make, easier than going to a physical location of any bank - any UPS office will handle it for my bank.
The bank is member owned, its business focus is to provide members with highly efficient, totally trust worthy services. Likely this places it in the forefront of seeking the most efficient means of filling member needs, but there is nothing magic about member ownership, every bank can do it although the margins will be smaller. I guess the banks which move first will end up with the largest customer base and those which delay will be playing catch-up.
There will always be some individuals at both extremes, the poor and the rich, who need or demand personal banking. Many of the poor do not have bank accounts, something needs to be done to help them, the sharks are feeding on them. The rich already have personal banking and pay a pretty penny for it, but that penny is generally a small percentage of their total assets.
The layoffs are alarming to the employees who will have to find other employment, and there will be some shakeout in the banking industry as they juggle for position, but the bottom line is that it will be better for us all.