Officials with Savannah Bank and Bryan Bank and Trust say they don’t yet know if the former First National Bank in Richmond Hill will be closing in the coming months – but it is a possibility.
“We have 90 days to determine that,” said John Helmken, president and chief financial officer for Savannah Bancorp, the parent corporation of Savannah Bank and Bryan Bank and Trust.
Savannah Bancorp assumed last week about $231.9 million in deposits when it acquired the failed First National Bank, which had three branches in Chatham County and one in Richmond Hill. Those four branches closed Friday and reopened Monday as Savannah Bank.
Savannah Bancorp currently has a Bryan Bank and Trust branch just down the street from its new Savannah Bank on Ford Avenue. Helmken said the institution is going through the process of evaluating the needs of the community.
“Initially, it seems as though we could serve that market from the existing Bryan Bank and Trust,” he said.
But because the acquisition was a transaction between Savannah Bank and the Federal Deposit Insurance Corporation, Helmken said any changes Savannah Bank wants to make at its new branches will have to be approved by the FDIC.
“There certainly is some overlap with the offices being 500 yards apart, but there is staff in place and there is a likelihood we will have to look at maintaining (the former First National) office,” he said.
But even if that branch is closed, Helmken said he didn’t think anyone would lose their job.
“We need good employees and they are such an important part of the customer dynamic,” he said. “We may decide that there should be no duplication of branches, but we’ve got the room and the need to absorb the employees.
“I think they are there for a reason and that’s because they know how to treat customers.”
As for customers, Helmken said most seem to be taking the switch in stride.
“From a customer standpoint, there’s been very little concern and it’s been business as usual,” he said. “When the first comment from us is that your money is safe and secure and remains insured by the FDIC, any questions that would have come after that seem to fade.”
He noted that Savannah Bank and Bryan Bank and Trust have been serving their respective communities for more than 20 years and said that has probably helped to ease people’s minds.
“People know us and that has been a big relief for customers and employees – we’re kind of a known entity,” Helmken said.
For now, customers who were depositors of First National Bank are now automatically depositors of Savannah Bank, and deposits will continue to be insured by the FDIC under normal guidelines. Customers should continue to use their existing branch until they receive notice from Savannah Bank that it has completed systems changes to allow other Savannah Bank branches to process their accounts, as well.
Helmken said the bank is looking at individual loans previously held by First National to see if there are any it wants to take on. In the meantime, he said all loans are being retained by the FDIC.
A dedicated phone line has been established with the FDIC for borrowers with questions. Loan customers should call 629-4416 if they have any questions or concerns regarding their accounts.
The Savannah Bancorp, a bank holding company for The Savannah Bank, N.A., Bryan Bank & Trust and Minis & Company, is headquartered in Savannah and began operations in 1990. Its primary businesses include loan, deposit, trust, asset management and mortgage origination services provided to local customers.
The Savannah Bank has six offices in Chatham County, two offices in Beaufort County, S.C., and a loan production office on St. Simons Island. Bryan Bank & Trust operates two offices in Richmond Hill.
“We have 90 days to determine that,” said John Helmken, president and chief financial officer for Savannah Bancorp, the parent corporation of Savannah Bank and Bryan Bank and Trust.
Savannah Bancorp assumed last week about $231.9 million in deposits when it acquired the failed First National Bank, which had three branches in Chatham County and one in Richmond Hill. Those four branches closed Friday and reopened Monday as Savannah Bank.
Savannah Bancorp currently has a Bryan Bank and Trust branch just down the street from its new Savannah Bank on Ford Avenue. Helmken said the institution is going through the process of evaluating the needs of the community.
“Initially, it seems as though we could serve that market from the existing Bryan Bank and Trust,” he said.
But because the acquisition was a transaction between Savannah Bank and the Federal Deposit Insurance Corporation, Helmken said any changes Savannah Bank wants to make at its new branches will have to be approved by the FDIC.
“There certainly is some overlap with the offices being 500 yards apart, but there is staff in place and there is a likelihood we will have to look at maintaining (the former First National) office,” he said.
But even if that branch is closed, Helmken said he didn’t think anyone would lose their job.
“We need good employees and they are such an important part of the customer dynamic,” he said. “We may decide that there should be no duplication of branches, but we’ve got the room and the need to absorb the employees.
“I think they are there for a reason and that’s because they know how to treat customers.”
As for customers, Helmken said most seem to be taking the switch in stride.
“From a customer standpoint, there’s been very little concern and it’s been business as usual,” he said. “When the first comment from us is that your money is safe and secure and remains insured by the FDIC, any questions that would have come after that seem to fade.”
He noted that Savannah Bank and Bryan Bank and Trust have been serving their respective communities for more than 20 years and said that has probably helped to ease people’s minds.
“People know us and that has been a big relief for customers and employees – we’re kind of a known entity,” Helmken said.
For now, customers who were depositors of First National Bank are now automatically depositors of Savannah Bank, and deposits will continue to be insured by the FDIC under normal guidelines. Customers should continue to use their existing branch until they receive notice from Savannah Bank that it has completed systems changes to allow other Savannah Bank branches to process their accounts, as well.
Helmken said the bank is looking at individual loans previously held by First National to see if there are any it wants to take on. In the meantime, he said all loans are being retained by the FDIC.
A dedicated phone line has been established with the FDIC for borrowers with questions. Loan customers should call 629-4416 if they have any questions or concerns regarding their accounts.
The Savannah Bancorp, a bank holding company for The Savannah Bank, N.A., Bryan Bank & Trust and Minis & Company, is headquartered in Savannah and began operations in 1990. Its primary businesses include loan, deposit, trust, asset management and mortgage origination services provided to local customers.
The Savannah Bank has six offices in Chatham County, two offices in Beaufort County, S.C., and a loan production office on St. Simons Island. Bryan Bank & Trust operates two offices in Richmond Hill.