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Community banks hustling to gain customers, talent from BB&T-SunTrust merger

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Community banks hustling to gain customers, talent from BB&T-SunTrust merger

Community banks overlapping with SunTrust Banks Inc. and BB&T Corp.'s footprints are working hard to gain talent and clients from the combined Truist entity.

At the Janney Community Bank CEO Forum in Atlanta, community banks said their relationship-focused business models are helping them gain customers and employees in the wake of the merger, the largest in years.

"We've built our business by taking business from large banks including SunTrust. I think the merger only increases that opportunity," said Douglas Williams, President and CEO of Atlanta-based Atlantic Capital Bancshares Inc.

Dunn, N.C.-based Select Bancorp Inc. President and CEO Bill Hedgepeth said his bank has already interviewed employees at the merging banks who are anxious about the future of their positions following the deal, which is expected to close by the end of the year.

While community banks are already starting to see some effects from the merger announcement, they believe there will be an influx of employees and customers seeking a new bank after the deal closes.

"People in those organizations are going to wait and see how things develop and what they think about the new company. But as time goes on, there's going to be some attrition even if things go perfectly," said Williams.

In order to gain those new customers, community banks said they will focus on the personal relationships that large banks cannot offer. The key to winning customers is being in front of them and showing them the bank can offer the same things as SunTrust and BB&T, or provide even better services in some instances, Williams said.

Williams described a SunTrust customer who asked him, "Do you know who my banker at SunTrust is?" When Williams said he did not, the customer said, "I don't either." That customer now banks with Atlantic Capital Bank NA, he said.

Jim Rieniets, President and CEO of Nashville, Tenn.-based InsCorp Inc., echoed that sentiment.

"Clients like access to decision-makers and knowing decisions are being made locally," he said.