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

HiveWith Us Podcast

27 Feb 202200:55

Summary

TLDRThe 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.

Outlines

00:00

🏦 Finding Local Banks: Filtering the Big from the Small

The speaker explains the process of identifying local banks in a specific area, such as San Antonio, by using Google search. They suggest filtering out the well-known, large banks like Citibank and Chase by recognizing smaller banks often indicated by their names, such as 'First Bank of [City]' or 'Third Bank of [County]'. These smaller banks typically have only a few branches and can be differentiated by their smaller deposit amounts compared to the billions held by larger banks. The focus is on finding credit unions and smaller banks that may be more community-focused.

Mindmap

Keywords

💡Local banks

Local banks refer to financial institutions that operate primarily within a specific geographic area rather than on a national or international scale. In the script, the focus is on identifying these smaller banks in San Antonio by using search engines and filtering out larger, well-known banks. The term is central to the video's theme, which is about finding and engaging with smaller financial institutions that may offer more personalized services or better rates.

💡Google

Google is a search engine used to find information on the internet. In the context of the video, it is the primary tool for searching 'banks in San Antonio' to identify both large and small banks. The script mentions using Google to source local banks, which is a key step in the process of finding smaller financial institutions.

💡Filtering

Filtering in this context means the process of sorting through search results to exclude certain types of banks, specifically the larger, well-known ones. The script describes a strategy of filtering out 'the big guys' to focus on smaller, local banks. This concept is integral to the video's message about finding the 'little guys' in the banking sector.

💡Small banks

Small banks are typically characterized by having fewer branches and a more limited geographic reach compared to larger banks. The script emphasizes the importance of identifying these smaller banks, such as 'the first bank of whatever city' or 'the third bank of whatever little county,' as they are the target of the search.

💡Credit unions

Credit unions are member-owned financial cooperatives that provide banking services to their members. In the script, credit unions are mentioned alongside small banks as entities to consider when looking for local financial institutions. They are part of the broader theme of seeking out smaller, community-focused banking options.

💡Citibank

Citibank is a multinational banking corporation and serves as an example of a large bank in the script. It is used to contrast with the smaller banks being sought. The mention of Citibank helps to illustrate the difference between the 'big guys' and the 'little guys' in the banking industry.

💡Chase

Chase, like Citibank, is a large, well-established bank that the script advises to exclude from the search for local banks. The term 'Chase' is used to represent the type of large banks that the video's narrative is encouraging the viewer to avoid in favor of smaller, local options.

💡Branches

Branches refer to the physical locations of a bank where customers can conduct business. The script notes that small banks typically have only a few branches, which is an indicator of their size and local focus. This concept is used to differentiate small banks from larger banks that have a widespread network of branches.

💡Deposits

In the context of banking, deposits are funds placed into a bank account by customers. The script mentions looking at how much deposits a bank typically has as a way to gauge its size. Smaller deposits are indicative of smaller banks, which aligns with the video's theme of identifying local financial institutions.

💡Billions

The term 'billions' is used in the script to describe the vast scale of deposits and assets held by large banks, such as Citibank and Chase. It serves to emphasize the contrast between the 'big banks in the billions' and the smaller banks being discussed, reinforcing the video's focus on local banking options.

Highlights

Using Google to search for local banks in a specific area like San Antonio.

Filtering out big banks to find smaller, local banks.

Identifying small banks by their unique names like 'First Bank of Whatever City'.

Excluding large financial institutions such as Citibank and Chase.

Recognizing small banks by the limited number of branches they have.

Visiting the websites of these small banks to understand their typical deposit amounts.

Comparing the deposit sizes of small banks to the billions held by larger banks.

The importance of looking for smaller numerical figures to distinguish smaller banks.

The practical approach of using search engines to source local banking options.

The strategy of manually filtering search results to find the desired banking institutions.

The distinction between large and small banks based on the number of branches and services.

The role of bank names in indicating the size and scope of the banking institution.

The process of eliminating well-known large banks to focus on less prominent ones.

The insight that smaller banks may offer more personalized services compared to larger ones.

The potential benefits of engaging with smaller banks for certain banking needs.

The methodical approach to researching and selecting banks based on their size and offerings.

The emphasis on the need for detailed research when choosing a local bank.

The suggestion that smaller banks might be more community-oriented and customer-focused.