How To Find A Local Bank To Work With As An Investor With Henry Washington

Summary

The speaker discusses a method for identifying local banks, particularly smaller ones, in a specific area like San Antonio. They suggest using Google to search for banks, then filtering out the well-known, large banks to find smaller, local institutions. These smaller banks are often characterized by fewer branches and lower deposit volumes compared to the billions held by larger banks. The process involves visiting the websites of these smaller banks to understand their typical operations and offerings.

Takeaways

• 🔎 Start by using Google to search for banks in a specific area.
• 📊 Filter out the big banks like Citibank and Chase to focus on the smaller ones.
• 🏛 Look for local banks with names like 'First Bank of [City]' or 'Third Bank of [County]'.
• 🌐 Visit the websites of these smaller banks to understand their typical deposit sizes and operations.
• 🏢 Small banks usually have only a few branches, which can be a distinguishing factor.
• 💼 Recognize that smaller banks may have significantly lower deposit amounts compared to the billions held by larger banks.
• 🔍 Identify credit unions as another source of local banking options.
• 📈 Pay attention to the scale of operations; smaller numbers indicate a smaller bank.
• 📝 Make a list of these local banks for further research and consideration.
• 🤝 Consider building relationships with these smaller banks for potential business opportunities.
• 📊 The script emphasizes the importance of distinguishing between large and small banks based on their operational scale and deposit amounts.

Q & A

What is the primary method mentioned in the transcript for finding local banks in a specific area?

The primary method mentioned is to use Google and search for 'banks in [specific area]'.

How does the speaker suggest distinguishing between large banks and smaller, local banks in search results?

The speaker suggests filtering out the big banks by recognizing the names of smaller banks, such as 'First Bank of [City]' or 'Third Bank of [County]'.

What types of financial institutions does the speaker recommend excluding from the search?

The speaker recommends excluding large, well-known banks like Citibank and Chase.

What is the main characteristic of small banks that the speaker mentions to identify them?

The main characteristic mentioned is that small banks typically have only a few branches.

How can one determine the size of a bank by looking at their website?

One can determine the size of a bank by looking at the amount of deposits they usually handle, which will be significantly smaller for smaller banks compared to the billions for larger banks.

What is the purpose of filtering out large banks when searching for local banks?

The purpose is to focus on smaller banks that may offer more personalized services or better terms for local customers.

Why might someone be interested in finding smaller banks instead of using the services of large, national banks?

Some people might prefer smaller banks for their potentially more personalized customer service, local focus, or specific financial products tailored to the community.

What additional information can one gather from a small bank's website beyond just the number of branches?

One can also gather information about the types of financial products and services offered, customer testimonials, and possibly community involvement.

How can the number of branches a bank has relate to its size and customer base?

A smaller number of branches often indicates a smaller bank with a more localized customer base, as opposed to larger banks with a widespread presence.

What might be some challenges faced by smaller banks that the transcript does not explicitly mention?

Some challenges might include competing with larger banks for customers, limited resources for technology and marketing, and potentially stricter regulations due to their size.

Is there any mention of credit unions in the transcript, and if so, how are they related to the topic of finding local banks?

Yes, credit unions are mentioned as another type of financial institution to consider alongside small banks, as they also tend to be locally focused and offer personalized services.