By STU CLAMPITT
news@readthereporter.com
First Farmers Bank & Trust (FFBT), which already has branches in both Sheridan and Cicero, is now moving to Carmel.
FFBT signed a lease for a 2,800 square-foot branch to be located at 111 S. Range Line Road, Carmel. The branch will be part of a larger mixed-used building which will also include office space for BSA LifeStructures, Teays River Investments and upscale restaurant 1933 Lounge.
The Reporter spoke to three members of FFBT’s leadership about this new branch, the direction the bank is taking, and how they will continue to offer the level of service you can only expect from a community bank.
Holt
“After a long and storied history of Indiana roots, we are thrilled to open up our branch expansion in the heart of Midtown Carmel,” President and CEO Mark “Doc” Holt said. “Our focus continues to be on growth and building relationships with our retail and commercial customers in the state of Indiana. Expanding into Carmel will make it easier for us to personally connect with our Hamilton County customers. We look forward to working with and serving the Carmel community for years to come.”
Hamilton County Regional President Matt Maher told The Reporter Carmel is obviously a very good market to grow into.
Maher
“We’re in a lot of smaller locations up north,” Maher said. “We stretch to Terre Haute and then to Illinois. But we’ve had a lot of our traditional footprints in smaller markets. I think it will give us a lot more visibility and brand recognition by going into a location in a vibrant area that’s continuing to grow. There’s going to be more growth along Range Line. That’s going to fill up pretty quickly from City Center to Main Street. It just gives us a great location as that area continues to grow.”
FFBT Senior VP Tade Powell said it is unusual for the bank to lease space, rather than own a building, but for the Carmel market and for a post-COVID world, it is a good fit.
Powell
“E-commerce platforms, specifically through PPP [the federal Paycheck Protection Program] and COVID, dramatically altered the style in which people are comfortable banking,” Powell said. “In major metropolitan markets it’s more likely that we would be looking at space with partners around us, with mixed use. The place that we just opened in downtown Lafayette is a space that is in a client building. It also is a great synergistic partnership if you happen to be doing business with the developer or the landlord.”
In this instance, FFBT will be leasing space in a building that they are also financing for the developer, LOR Corporation.
“We’ve financed some other properties for them,” Maher said. “He’s become a very good customer of ours. He’s going to be our next-door neighbor there as well. It’s become a very good partnership.”
The Carmel branch will be FFBT’s 39th location.
“We’re just north of $3 billion in assets, which is a pretty good-sized bank,” Powell said. “It’s right at that sweet spot that we feel that it gives us the capability to help serve a much larger client, but we are small enough to retain the community banking culture and atmosphere. We feel that we are right at that sweet spot from a high service level, but also able to offer the bells and whistles and e-commerce solutions that a modern customer demands, and to do it in the community bank model as opposed to a major multinational.”
Maher has worked at banks large and small, and he told The Reporter he prefers being with an organization that has local decision makers.
“They know what the market is,” Maher said. “I think we have the ability to structure our loans and our products to the individuals more so than some of the bigger banks. When you go to a bigger bank, for good reason, there are more policies and procedures because you have to manage all the people, so you can’t deviate from those policies as much. Here in community banking, we’re able to tailor our solutions a little bit better than the bigger banks.”
Another benefit Maher sees in community banks is lower turnover.
“A common complaint I get about big banks is that they’ve had four loan officers in the last three years because people keep rotating in and moving up and moving around, whereas in community banks, you’re in your communities and you’re staying there and continuing to serve your customers,” Maher said. “We community banks tend to focus on relationships. It’s very important to us. It goes both ways, that we want to have a relationship with you and you back with us so that when times are tough, we’re going to be here for you.”
Maher said once the Carmel branch is open, if you call the bank you will speak to him or two one of only two or three other people who will take care of you.
“There’s three or four people here that you can talk to, versus calling an 800 number, not knowing what state or country or whatever you’re getting,” Maher said. “I think you just have more of a personal touch and personal feel with a community bank than you do the bigger banks. Bigger banks are good for certain things, but I think for your small business owners and your mid-market guys, I think we do a really good job of that. I think that’s a niche that we fit in very well to tailor our solutions. It’s a little bit better, I think.”
Look for FFBT’s new Carmel location to open by the end of 2024. Learn more about them online at ffbt.com.