Editorial 3 Music Box 25 Food News 30 The Buzz 8-10 Art Beat 31 ...
Editorial 3 Music Box 25 Food News 30 The Buzz 8-10 Art Beat 31 ...
Editorial 3 Music Box 25 Food News 30 The Buzz 8-10 Art Beat 31 ...
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Wells Fargo dust settles<br />
LOCAL INDEPENDENT BANKS SEE INCREASED BUSINESS.<br />
by Henry Sweets<br />
As a local bank gave way to corporate<br />
iant, some customers were miffed.<br />
<strong>The</strong> fact that two other local banks are<br />
eeing an increase in accounts cannot be<br />
ntirely attributed to that dissatisfaction,<br />
ut it is a factor.<br />
Last month Wyoming Bancorp and<br />
ackson State Bank and Trust, which held<br />
bout 20,000 accounts in Jackson alone,<br />
etamorphosed into an arm of Wells<br />
argo. Long lines, lost or misplaced pinumbers<br />
and a flurry of logistical probems<br />
could not be avoided when changing<br />
housands of accounts from one operating<br />
ystem to another, President Pete Lawton<br />
aid. And once the switch from one sysem<br />
to another is complete, he believes<br />
he friction will be eliminated and cusomers<br />
will have better business options,<br />
ffered by the same local people.<br />
“I think what people will find is there<br />
re some additional products that [Wells<br />
argo] will offer that will be attractive to<br />
hem, but its going to take a while for peole<br />
to understand it, and see what those<br />
roducts are,” he said.<br />
In the meantime two local banks, Bank<br />
f Jackson Hole and Rocky Mountain<br />
ank, have both seen surges in new<br />
ccounts. Though representatives from<br />
hose banks didn’t attribute their success<br />
irectly to the Wells Fargo conversion,<br />
hey both said it was a factor.<br />
“Business is brisk,” Katie MacKenzie<br />
ice President of Marketing for RMB<br />
aid. “We’ve had quite a few people comng<br />
in and we’re opening our Jackson<br />
ranch on Broadway and Scott [in a<br />
eek], and a lot of people have said they<br />
ill wait and show up as soon as doors<br />
pen there.”<br />
MacKEnzie said that a number of the<br />
anks new customers have recently left<br />
ells Fargo.<br />
“We have a lot of people walking in<br />
ere and saying, ‘can you just call [Wells<br />
argo] and move all of my accounts over<br />
or me,” MacKenzie said. “People have<br />
een angry about how they’re screwing up<br />
ccounts or lost information or standing<br />
n line for two hours in their lobby.”<br />
Bank of Jackson Hole CEO Scott<br />
andell said that his bank has seen about<br />
,<strong>30</strong>0 new accounts in the last two<br />
months. For a bank with between 12,000<br />
and 14,000 accounts, that is a significant<br />
increase in a customer base. Yandell said<br />
that Bank of Jackson Hole usually sees<br />
around 200 new accounts a month.<br />
“We certainly have seen a lot of new<br />
customers and a lot of new accounts,”<br />
Yandell said. “I’d like to think it’s a combination<br />
of the marketplace and our marketing,<br />
and certainly the change [from<br />
JSBT to Wells Fargo] has been one of the<br />
factors, I can’t deny that.”<br />
Yandell said the campaign hasn’t been<br />
intended to sway any customers away from<br />
other banks, but to say, “If your thinking<br />
about changing, here we are and look at<br />
us.”<br />
<strong>The</strong> advertisements, taken out in the<br />
<strong>News</strong> and Guide and Jackson Hole Daily,<br />
feature locals like the owners of Skinny<br />
Skis or Chinatown, with slogans like<br />
“We’re independent, so you can be too.”<br />
“What we’ve been trying to do is market<br />
the strengths of our Bank,” Yandell said.<br />
“We’ve been here a long time, we’re still<br />
giving that personal service and that’s<br />
what we’re trying to highlight; not that<br />
we’re different or better, but ‘this is who<br />
we are.’ That’s been our tact and I think<br />
that’s been showing some fruit.”<br />
But Wells Fargo is insisting that once<br />
the change is complete, they will be just<br />
as local as they were when the Tetons<br />
graced their debit cards.<br />
Lawton said that some of the corporate<br />
protocol that might have caused people to<br />
react – like having to show two forms of<br />
ID to get cash back on a check deposit –<br />
will be amended once the conversion<br />
process is over, he said.<br />
An email from Sharon Larson, Wells<br />
Fargo project manager, also highlighted a<br />
number of new products offered by the<br />
bank, and included the compelling argument<br />
that “customers will find that being<br />
able to bank at 3,<strong>30</strong>0 locations and having<br />
access to 6,900 ATMs in 23 states is<br />
an advantage when traveling.”<br />
But the folks at Wells Fargo don’t want<br />
people to think they have to give up local<br />
flavor to have the financial products and<br />
convenience of banking around the region<br />
or country<br />
“Our goal is to have the big town business<br />
capabilities with the small town flavor,”<br />
Larson said. PJH<br />
www.PlanetJH.com updated daily l Planet Jackson Hole l November 12 - 18, 2008 9