When the calendar turns, it always creates a certain level of excitement and a renewed optimism, because we all get to start with a clean slate—even if it can also bring a bit of uncertainty. None of us who work in the financial services industry can predict with any accuracy what interest rates will do (beware of anyone who says that they can!) and that’s one of the reasons why it is more important than ever to have a really good relationship with your bank and to work with a bank that is nimble and has the ability to quickly pivot based on changes in economic conditions.
 
We are fortunate in Wilmington to be part of a vibrant community that is a highly desirable place to live. We consistently rank as one of the top communities in the nation for inbound movers, and this will continue to create a need for infrastructure and service, all of which requires capital. When considering whether or not to start or invest in a new project, here are some questions that you should really consider asking your banker:

1. How much local decision-making authority do you have, and where are credit decisions ultimately made?  This is critically important, as those of us who have been in banking long enough remember vividly what happened to our local market following the great recession and credit crisis of 2008 will know. Time and again, banking decisions were made outside of our market (Charlotte, Atlanta, Pennsylvania, etc.) that had a profound effect on local businesses and people. The unfortunate reality of this is that, many times, your destiny as a borrower is in the hands of someone you’ve never met and that likely knows very little about you, your business, or your community.  

2. Who can I call with questions related to my business? One of the things that we are most proud of at First Carolina Bank is that we do not have a 1-800 number. We make sure that clients have the cell phone numbers of our bankers, so that they know with 100% certainty that they will have someone to talk to when they have questions or need information.

3. What would you consider to be your main competitive advantage as a bank? Banking is an interesting industry, especially in these times. There are certain ways that we can differentiate ourselves, but ultimately, service is what sets the best banks apart from the competition. Providing a first-class service experience and our commitment to responding quickly are two of the main reasons that First Carolina Bank has had such a successful growth story and continued to rank as one of the safest and more sound banks in the country.
 
Most banks (especially the larger institutions) want the marketplace to believe that customers can have the best of both worlds: access to a wide array of products and services with an extensive branch network, AND the ability to provide top notch customer service to all markets, regardless of size. My experience working with banks of all sizes is that this is very difficult, as large banks are simply not able to “play small.” First Carolina Bank has all of the advantages of a small firm: speed to market, the ability to be nimble and responsive, and customer service that is truly second to none – and because of our organic growth and success, we can play much bigger than we are and can accommodate larger clients with complex transactional needs. This is actually the best of both worlds – not “be big and play small,” but “be small and play big!”