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A group of
area business leaders is embarking on a
unique new endeavor: Opening a bank for
business clients with the idea that
customers will never need to set foot
inside a branch.
“I haven’t met a businessman yet that
likes to go to the bank,” joked Laine
Schoneberger, a partner in a Kyrene
Corridor insurance and financial
services firm and one of the 15 board
members for the Infinity National Bank.
With that observation as the motivating
factor, Infinity Bank’s board and staff
are in the process of developing a
system to allow businessmen to bank from
their place of business. Deposits,
withdrawals, transfers and all other
typical banking procedures will be done
from the client’s office.
Such freedom from the branch is unique
in the world of business banking,
Schoneberger said, so Infinity will have
to develop the technology to make it
happen. Most of that development will
mean modification of currently
accessible technology, but it could
require the development of some entirely
new technology.
“It’s going to be very computer driven,”
Schoneberger said.
“The business owners will not have to
visit our bank. They will not have to
hang out in our lobbies. They will do
all of their banking from their place of
business. While we do have a location
and it will be built to suit, it’s not
built for long lines.”
Schoneberger said he thinks Infinity can
prosper despite competing against
mammoth banks with hundreds of branches
nationwide. The key will be
specialization. The bank will cater only
to business customers, not offering any
retail services.
“We’re going to lower our operational
costs, and direct all our marketing
efforts and funding to this one segment
of the economy,” he said.
“(Large banks) are jacks of all trades,
masters of none. We are going to be a
master of business banking. We are going
to actually do nothing but business
banking.”
Early reaction to the project has been
“overwhelmingly positive,” Schoneberger
said.
“So far (local business owners) are
excited. They’re very excited. They
really want to do this; they’re tired of
traditional banking. People are really
ready for a new banking experience.”
The first Infinity branch is currently
under construction on the east side of
McClintock just north of Elliot Road.
The board of directors is shooting for a
March or April opening date, but that is
dependent on approval by the federal
regulatory and oversight agencies.
Applications have been submitted to the
Office of the Comptroller of the
Currency and to the Federal Deposit
Insurance Corporation and are currently
under review. In the coming weeks, OCC
and FDIC officials will meet
individually with the board members to
discern their proficiency in banking and
economic matters
“We’ve got a strong board of directors
committed to making this work,”
Schoneberger said. “We’re pouring a ton
of capital into it. We’ve picked an
exemplary staff.
“Pending anything in the application
that just doesn’t meet their criteria, I
don’t see any reason we wouldn’t be
approved.”
As soon as the regulatory hurdles are
scaled, the board will begin collecting
the approximately $7 million in capital
that it will need for the project.
Schoneberger insists that Infinity is in
it for the long haul, and is not solely
a venture to be sold to a larger
corporation after a few years of growth.
“(Sale) is
not the intention. I’m sure once we are
profitable we will certainly be in the
spotlight, and there will be offers on
the table. But that’s not the intention.
The intention is to be a good bank for
businessmen.” |
