Community banks build their reputations on the relationships they make with the people in their local community. It’s that way on the retail side, when the same person who has a positive experience opening a checking account may one day return to take out a mortgage. And it’s that way on the commercial side, when the same client can take advantage of capital financing, electronic payment services or numerous other products all enhanced by a personal touch.
That’s the way it works at Prospect Bank, which has been serving the residents of Central Illinois since its founding in 1873. Given that the commercial side can account for 85 percent of a bank’s revenue, it’s crucial for community financial institutions to build close relationships with the businesses they serve—which is the approach at Prospect Bank, where Chief Credit Officer, Darrin Johnson, offers clients much more than just access to capital.
“Many of our commercial customers have financing needs beyond a single transaction,” Johnson says. “For those customers, we’re engaged in ongoing planning and communication. We review their financial condition at least every year and meet with them on a regular basis to discuss their current needs and to plan for the future.”
And Prospect Bank features several ways of meeting those needs, through products that include its business-oriented Wise Solutions, and commercial options ranging from checking and savings accounts to loans for real estate or working capital. Whether large or small, any business in Central Illinois can find a Prospect Bank commercial product that helps their bottom line—and build a personal relationship with their financial institution in the process.
Real estate, agribusiness and more
The Wise Solutions products that have become a hallmark of Prospect Bank were designed largely with the commercial client in mind. BankWise offers a suite of business products that help pay employees and vendors electronically, create sweep accounts, set up wire transfers and more. The FarmWise products are tailored to agricultural clients who need to do things like finance crop production, buy new equipment or acquire additional farmland. MuniWise offers municipal banking solutions that can help purchase new school buses or install new waterlines.
But the commercial options at Prospect Bank go even beyond those well-known products. Prospect Bank specializes in lending for the purchase of commercial real estate, which can help a customer acquire a manufacturing facility, a retail storefront or land for future development. Prospect Bank also offers commercial lines of credit, which can be tailored to specifically fit the needs of the client’s business.
“Lines of credit vary from customer to customer,” Johnson says. “Seasonal businesses may need a line of credit for only a few months of the year. They use a line of credit to purchase additional inventory, for example, and then pay off the line of credit when the inventory is sold. Other businesses need permanent lines of credit that are used to varying degrees throughout the entire year. We have flexibility to meet a customer’s specific needs.”
Once again, it’s where the personal relationship with a local bank pays off. Prospect Bank can even help commercial clients navigate situations that would prove far trickier for national institutions, which have more rigid protocols and more cloistered executives. Johnson can leave his office, walk 50 feet, and talk personally with CEO and President W. Eric Volkmann about a client’s financial need that might be outside of normal bounds.
“We can make quick decisions,” Johnson says. “I suspect that many loan officers at larger banks don’t have the ability to sit down and meet face-to-face with the decision-makers on a regular basis. This is an advantage of a community bank.”
Face-to-face with decision-makers
At Prospect Bank, there’s a type of commercial banking product available to fit almost any client’s needs. There are general business loans for working capital and equipment financing and there are loans for commercial real estate and agribusiness. There are numerous different types of business checking and savings accounts, customized payment solutions and ways of eliminating paper by using electronic payments and deposits. There are even specialized loans for municipal and community development financing, which provide funding for necessary public projects.
“Municipal financing is available for many types of projects – from water and sewer system improvements to large, new construction and expansion projects,” Johnson says. “It’s a nuanced product that benefits municipalities and nonprofits by providing financing at competitive interest rates.”
As a commercial bank that’s operated for 150 years, Prospect Bank isn’t taking instruction from a faceless headquarters in St. Louis or Chicago. They’re helping meet the needs of their neighbors in Central Illinois, just as they’ve done since 1873. “Our ability to make quick decisions and our flexibility to meet our customers’ specific needs,” Johnson says, “gives us a competitive advantage to help our commercial customers.”
Interested in learning more about the commercial products that Prospect Bank provides? Call Prospect Bank at (877) 465-4154, visit one of its ten locations across Central Illinois and Indiana, including the main branch at 177 West Wood St. in Paris, or visit BankProspect.com for further information.
