Firstbank Executive Summary

Great Essays
FirstBank is fortunate because the top four banks in its market are not local community banks. This gives the Bank an advantage in local relationship-based banking and customer loyalty for being a local business. The same customer base also relies on a local bank to provide quality products and services like the big national banks. FirstBank stays on the leading edge of technology which helps portray a big bank environment and provides all the products and services offered by the big banks. To remain competitive in banking in the foreseeable future the bank will have to continue to invest heavily in Technology. The younger generation is technology driven and expects the bank to come to them versus them visiting the bank. The major up …show more content…
Figure 3 depicts FirstBank as sixth in the Lubbock market with 6.92% of the market, which consists of 25 institutions.
Market growth in Lubbock remains moderate but steady. The Bank experienced at .33% increase in Market share from 2014 to 2015 increasing from 6.60% to 6.92% respectively. Of the top six competitors in figure 3, FirstBank’s primary goal is to overtake Lubbock National Bank in fifth place. Besides Lubbock National Bank, there is no other community banks in the top six. This lends an advantage to relationship banking in the market place due to the top players being big national banks.
Figure 4 represents FirstBank’s market share in its outlying Lynn, Scurry and Mitchell counties.
FirstBank exceeds half the market share in Lynn County with 54% and the goal of purchasing The First National Bank of Tahoka to obtain an addition 36%. Scurry and Mitchell counties are somewhat different due to FirstBank acquiring the two branches in those counties. The Bank plans to grow its market share considerably in Scurry and Mitchell counties after letting the dust settle from the acquisitions. It plans to accomplish growth through marketing pushes, staff additions and enhanced products and services than is offered in the

Related Documents

  • Improved Essays

    Project Part 1 Task 1: Outline Security Policy First World Bank Savings and Loan; a financial institution that offers banking services (loans and deposits). The bank would like to provide online banking services to the customers, which includes online credit card use for loan applications. Recommendations are based on such factors as: ownership total cost, scalability, and reliability. Decisions and recommendations made need to be appropriate from the CIA triad perspective.…

    • 1249 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Andrew Jackson was not a very well liked president to say the least. He was guilty of gaining his wealth using slave labor, mass killing of Native Americans, and forcing Supreme court to send the Cherokee Indians to the Trail of Tears. President Jackson was what you would call rough around the edges, he was in duals, chased wild women, and even married a woman who was not legally divorced. He did not take very well to authority, he was overbearing, arrogant, but the American people loved him. Some of the things that interested me were, President Jackson’s land policies and the bank war.…

    • 473 Words
    • 2 Pages
    Improved Essays
  • Great Essays

    Analysis Advia Credit Union (formerly First Community Federal Credit Union) was a strong financial institution at the time new leadership came on board in 2005. It was the role of the new CEO and leader, Cheryl DeBoer, to determine the strategic direction, vision of the credit union, to meet the mission of the organization. Understanding the current position of the credit union, in terms of current growth strategies, organizational capabilities and the mission were critical. It was at that time Advia Credit Union started to transform. Although Advia Credit Union had been positioned well in the past, there were many initiatives and strategies that needed to be put into place to position Advia for success in the future.…

    • 1202 Words
    • 5 Pages
    Great Essays
  • Decent Essays

    1. Was the clip important to you? Yes, because most people have a bank accounts. It’s a good thing to know that their account are secured in case the bank failure.…

    • 158 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    The Lubbock's Economy

    • 1455 Words
    • 6 Pages

    FirstBank continues to set itself apart in order to increase market share. As previously mentioned, FirstBank has a 32% market share in Lubbock. The bank has been able to maintain that market share by continued advertising and sponsorship of local charity events. For example, the bank has signage on the scoreboard at Texas Tech University’s football stadium. FirstBank also sponsors the instant replays and has a luxury suite in the press box.…

    • 1455 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    They trained and provide support for people in the team because they believe that even though living in a high technology era, machine and technologies still can’t replace the people who execute strategies. Second, “Honesty, trust and integrity” are necessity for financial institution to survive in long term. They conform to the highest ethical standard for the stakeholders and these values are portrait through decision-making, execution, and maintaining relationship. Third, as a customer focused business, they aim to develop personal and life-long relationship with the customers by providing the very best for each of them based on their best interest. Fourth, integrating diversity into their business models can ensure attraction and retention of teams with best quality.…

    • 1039 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    In order to achieve success for this business I would employ technologies such as; social media, webpages, email, post testimonies, become certified with the Better Business Bureau and look for media coverage from the news. So, let’s review each one in depth so I can provide a thorough explanation of how and why each one these options would not only suit but hopefully exceed the expectations of my client. • Better Business Bureau The BBB list five points of why it is beneficial to gain accreditation through their organization.…

    • 549 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    In this paper the topics about ethics and privacy are going to be the main topics of discussion. Two businesses are going to be used in order to give examples about ethics and privacy. The bank Wells Fargo is going to be used to explained bad ethics and bad privacy. Wells Fargo has failed the code of ethics, and also violated their costumer’s privacy, because they used information that should have been used without the customer’s consent. The company Nike is going to be used to represent good ethics and good privacy, and what they do in order to be the amazing company they are today.…

    • 1272 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    Core Credit Union Case

    • 1381 Words
    • 6 Pages

    Credit Unions provide financial services to clients like Banks but they are cooperatives and non-profit organizations unlike banks.it is in existence since four decades and the versatility of Information Technology contributed a major chunk in the growth of the Core Credit Union’s infrastructure and operations. In Georgia, they were the first to adopt IT infrastructure for their operations, thereby improving the quality of service to client. The main leveraged were the existing clients who moved…

    • 1381 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    The town of Ozark is an odd place to say the least. It is not a major city, yet is has 100 banks. It has a bank for every 53 people which is odd. 53 people cannot keep one bank running unless they are extremely wealthy. It is odd that there are so many banks and it raises a good question.…

    • 1123 Words
    • 5 Pages
    Improved Essays
  • Decent Essays

    Overall The Second Bank functioned as the First Bank did. The bank was granted power over the credit and monetary systems and dealt with every fiscal transaction. The bank was in interest of northern businessmen rather than southern and western farmers because the bank made northern businessmen richer. The two parties at the time were the Whigs and Democrats. Democrats opposed the bank while the Whigs saw the bank to expand economic progress.…

    • 200 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    The banking system is one of the most important things of our industries. A federal reserve bank is a regional bank of the Federal Reserve System. It also counts as the central banking system of the United States. It was created by the congress and it’s purpose was to provide the nation with a safer and more flexible monetary and financial system.…

    • 874 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Another case study of WNS (n.d.) mentions how improving their processes helped them to increase their efficiency level by 25%. Similarly, if the bank adopts to set score for the loan decision would be quicker. On the other hand, the bank would also be able to increase its customer base by streamlining its processes. An article by Harvard Business Review (2004), states that any customer which is unattended will result into a loss of customer. First Green Bank as of now should think and evaluate each company by calling a meeting with the Board of Directors, which would encourage the client to approach another bank.…

    • 855 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    Thus, providing enormous amount of job opportunities for locals, creating a country of interest for foreign investors therefore, earning foreign income/investments for the nation. Many Asia countries are currently depending on Singapore’s banking services for import/export of products for their countries since Singapore banking system is among the most reliable and fastest service provider across the world. All these advance technology and services of this banking and finance sectors not only benefits the nation’s economy, also develops individual’s wealth and job opportunities in a long…

    • 1257 Words
    • 6 Pages
    Great Essays
  • Improved Essays

    There is a hostile competition strategy between these banks. Although Maybank is first bank introduce e-banking (Maybank2 u) but Maybank2u does not a monopolize market. There are a lot of competitor such as RHB online banking, pbebank and many more. This allowed the customer easily switch to another brand.…

    • 762 Words
    • 4 Pages
    Improved Essays