Providence joins banking community
Faith-based institution opens on Windward
by Bob Pepalis
Providence Bank has opened its doors to join other community banks that picked the Alpharetta market because it is a dynamic area of high growth.
"Somewhere in excess of $2 billion in deposits have been made in this north metro area, creating a lot of opportunities for a community bank, said Brad Serf, president and CEO of the Windward Parkway bank.
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David Molson, Brad Serff and Debbie Dill lead the staff at Providence Bank. |
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A faith-based bank modeled after institutions such as Integrity Bank, Serf and his board of directors felt they had a vision to bring something that is needed in a financial institution to the area.
"We want to bank folks the way that we would want to be treated. As long as we adhere to those standards, I think that we'll always make the mark with the customer," Serff said.
"Georgia is a great banking market," he said. More and more community banks are opening in the metro Atlanta region, especially in the North Fulton area.
Bank officials set their capital subscription at $15 million, all to be raised in 10 days.
"We sold all $15 mill of that in nine days," Serff said. "We did a very good job there in not oversubscribing," he said. That is important so thery did not upset potential customers.
Customers, prospects and clients started calling to set up accounts even before Providence Bank opened its doors April 10 a few days after getting state and federal approval.
"Our focus is small business. With the capital that we raised we felt that we would be competitive in the small business arena missed by some larger institutions," he said.
The bank will be competitive with rates for small business customers. Rather than traditional money market accounts, investment checking is being offered to give customers more control over their money. Traditional CDs, IRAs and savings accounts will be available, but the bank president said they will focus on business loans.
"We will look to do more business-type lending, focusing on acquisition development, owner-occupied commercial real estate. We will do some business lines of credit, anything that will revolve around small business.
The bank building at 4955 Windward Parkway has housed a Wachovia and a SunTrust branch. It retains a traditional bank look and feel.
Providence Bank is one of a number of banks preparing to offer remote capture of its customers' deposits. A device can be installed in a business that allows electronic deposits of checks without having to go to the Windward Parkway branch. Deposits made electronically and in-person will have a 5 p.m. cutoff. Internet banking and bill pay and an ATM are among other services. Commercial customers can use Internet banking and cash management services to handle their own accounts online.
David Molson, executive vice president and chief lending officer, has been involved with the Greater North Fulton Chamber of Commerce. Debbie Dill, the banking center manager and assistant vice president, has been through Leadership North Fulton, something Serff himself did a numbers of years ago.
"I've been a past president of my Rotary club," he said. |
