Ask the Banker - How do I chose the right bank?
Jay McCabe
I’m a commercial banker at Comerica Bank and I partner with business owners, CEOs and CFOs of San Diego-based mid-size companies to help them execute their next phase of growth.
Recently, I’ve had several conversations with business owners about how to choose the right bank.?You may not realize that you really need to consider both the banker and the bank.
The Banker
For your banker, they will be your primary point of contact to access everything the bank has to offer. They will be familiar with your company and industry, and willing to invest the time to understand your goals.?
They will be your advocate within the bank when it comes to providing credit facilities and have a strong understanding of the bank’s lending guidelines.
Find out if your new potential banker will proactively bring you ideas and if they are well connected within your community.
The Bank
As for the bank, ask if they know your industry, work with companies in your stage of growth, and if they can provide the types of loans and services your company needs.
Your banker can be a tremendous resource for you, but that person can only be as effective as the bank they work for.?Today it’s important for business owners to partner with a bank that takes a holistic approach to serving you as a client.?That includes helping you achieve your business goals, along with your lifestyle and legacy goals.
Conclusion
So the best case scenario is that you are working with a banker that knows you well and works for a bank that serves companies similar to yours.
I hope you found some value in this article. If you have any questions, please write them in comments or send me a direct message.