Bankers' Bank hosts seminars/golf outings

Northwestern Financial Review, Jul 15-Jul 31, 2008 by Miller, Dick

Bankers' Bank hosted three seminars and golf outings last month, in Des Moines, Iowa (June 2), Stevens Point, Wis., (June 9) and Middleton, Wis., (June 10). The annual event gives Madison, Wis.-based Bankers' Bank the opportunity to provide bankers with information on the latest products and services, as well as enjoy a round of golf.

After Bankers' Bank President Ron Slater and Executive Vice President Randy Steig welcomed guests to the meeting at Bishops Bay Country Club in Middleton, Vice President Tom Underkofler outlined many of the lack-luster parameters of the economy: GDP growth has been lower than it has been in five years; unemployment is at 5.5 percent, near a four-year high; and auto sales, off 14 percent from last year, are lower than they have been since 1988.

Housing continues to be a trouble spot, Underkofler said. Housing starts are running about 30 percent below last year; sales of existing homes also are down about 30 percent. Construction of new homes is at its lowest pace in 17 years. The Mortgage Bankers Association put the number of mortgage foreclosures in Wisconsin at 2.44 percent of all mortgages in the state.

On the products and services side, the bank's Barb Gross described its Visa TravelMoney and Executive Card products.

TravelMoney is designed to replace travelers' checks with a product as convenient as a credit card. The card is usable wherever signature and PIN-based credit card transactions are accommodated. It also can be used in an ATM. The cards can be loaded and reloaded up to $10,000. The card has a shelf-life of up to four years, and users can withdraw $3,000 a day in the United States, and $1,000 a day abroad.

Gross said the card provides the bank fee income and can help banks develop customer relationships.

Bankers' Bank also offers an Executive Card with no annual fee and a low interest rate; the card can extend credit up to $25,000, Accompanying benefits to the card are numerous.

Steve LeCoultre, vice president of Bankers' Bank Financial Services Network, noted that a good financial representative can be a tremendous asset for a bank. The quality of financial representatives has improved since they became a fixture in many banks 20 years ago, he said. Many are moving toward fee-based compensation, away from commissions. Fewer people are going into the financial representative profession, and a bank can expect 18 months to two years to go by before a new financial representative in their bank begins to return investment to the bottom line.

By Dick Miller