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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

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