First United Bank gained its charter in 1900 as a Durant National Bank. The growth of the organization has largely been attributed to focus on their customers, where the bank has created products and services based on the needs of the communities in which they operate. The organization has grown to be among the well-capitalized banking organizations in the United States. The mission and objective of the institution is to provide services and products where all the stakeholders involved mutually benefit. The institution provides a variety of products and services to their clients ranging from common banking functions to various rigid financial functions.
The services and products of the institution are widely classified as normal banking services, mortgage services and wealth management. The banking services include the personal and business banking solutions such as lending services and savings services. The organization also offers mortgage services enabling their customers to acquire and own homes. The wealth management services include investment management, where the institution offers a continued assessment and monitoring to ensure optimization of the client’s wealth. For example, they provide various informative programs and platforms such as the bulls and bears newsletters.
The wealth management services also include the trust services, where the organization offers management of estates of their clientele. The bank offers different savings account services to facilitate the provision of customized services to clients. The lending services are disintegrated to different categories such as business loans, personal loans and business equipments loans. In addition, the real estate loans offered by the bank facilitate mortgages for clients’ acquisition and ownership of homes.
The bank also offers various other services such as the mobile banking, sweepstakes and financial calculators, for their clients. Additionally, the institution also offers retirement benefits services, where clients can seek and plan their retirement benefits with the bank. Along their line of services also includes investment services, pre-need associates and personal internet banking.
Summit Community Bank
Summit Community Bank is based on a commitment to providing the communities, where the bank operates with quality banking services, in a convenience way providing the best banking value. The institution objectives are the focus on the customers since the institution offers to provide quality services exceeding their Clients' expectations. The institution offers a wide range of services providing banking solution to individuals and businesses. Their products and services include mortgages, investments services, insurance services, personal and commercial services to their clients.
The bank offers the personal banking services in different savings and loan ranges. For example, the savings account are categorized into three categories, which include statement savings, savings club where individual starts saving in anticipation of a future event that requires cash and junior savings. The junior savings enable individuals to start saving early. Along the range of personal services, the institution also offers individual retirement account, which enables an individual planning of future. The institution also offers personal insurance services to their clients enabling them to prepare for future unexpected events such as death and sickness.
Businesses are also offered various banking solutions by the institution. For example, the wide range of business services includes merchant services, cash management and time deposits among others. The loan products and services include the consumer loans, home equity loans, mortgages, business loans and credit card services. These have all been created to meet the diverse changing needs of their clients. Along the line of services offered by Summit includes the investments and insurance services, as well as mobile banking to increase accessibility of banking services.
Standard Bank
Standard bank also adopts the practice and mission of focusing on their clients in development of their products and services. The bank motto is a commitment to the personal needs of their clients. They aim at providing personalized services helping their client achieve their financial goals, through the provision of competitively priced service and products. The organization offers a wide range of services in their effort of ensuring customer satisfaction and personal financial success.
In the organization’s efforts to reach a wide range of clients, the bank offers a wide range of services and products ranging from personal services and products, as well as business banking solutions. The organization also offers various services such as wealth management loans and various banking services. The personal services have been disintegrated into various categories such as personal savings and checking, online banking, visa and check cards, retirement products and deposit product rates. The organization has developed these variety products and services in line with their mission and objective of ensuring customer satisfaction.
Standard Bank has developed various services and products aimed at providing solutions to various issues affecting business owners. For example, the organization offers merchant services, which includes credit card service, employees’ benefits account, investments advisory and cash management services. The bank also offers online banking to various business operators and visa business check cards. The bank also offers various services ranging from insurance to investments services. The bank also plays the role of an advisor to its clients on various issues affecting business such as tax and legal issues affecting a business. The loans offered by the institution ranges from mortgage loans, home equity loans, auto loans, personal loans, credit cards and credit cards. The banks seem to have taken a diversified approach to management of loans where different loan categories have been created to suit to various needs of their clients.
First People Bank at Maryland State
First People Bank is a cooperative developed with the aim of meeting the financial needs of the members. The mission of the institution is providing services and products that meet the needs of their members in a safe, personal and prudent manner. The institution is a community based and hence, it aims at providing credit facilities, which support growth, development and expansion of the community in which it operates. The institution’s products and services are created in line with the needs and expectations of their clients.
Therefore, the institution has developed a wide range of products and services, which are essential in meeting the financial needs of their clients in a personal, safe and prudent manner. The range of services developed and offered by the institution includes savings, checking, loans, business services and convenient services. The savings services are disintegrated into various different services that meet the diverse needs of the clients responsibly. For example, the savings account include share savings account, regular share account, money market, Christmas and holiday club accounts, educational savings account and thrift savings account. The diversity of the savings account has been developed to capture the different needs of their clientele.
The loans services offered by the institution have been developed to meet the various needs of their clients. The loans are offered at competitive market rates, and members are provided with flexible terms of repayment. The loans offered by the institution include mortgages, which include the fixed and adjustable mortgages, home equity loans and new or used auto loans. These loans have been developed in line with members' need with an aim of ensuring their satisfaction. The institution also offers auto equity loans where the member is offered a loan and the primary security of the loan are the vehicle. The loan services also include various personal loans, which include car repairs, vacation loans, educational loans and medical loans among others.
The organization also offers wealth management loans which include stocks and bond trades, individual retirement accounts, tax efficient investments, mutual funds, insurance products and trust accounts among others. The institution also offers various business services to meet the various needs of their business clients. The services range from savings, checking, loans, merchant credit cards services and online access to their accounts.
Comparison between First United Bank and Trust with the Other Three Banks in the Discussion
The four banking institutions in our discussion seem to provide similar services surrounding various banking activities. However, based on foundation, organization mission and objectives and management of the institutions there are various services and products offered by various banks but are not offered by First United Bank and Trust. For example, an analysis of services and products shows that the four institutions offer savings and deposits services to their clients. In addition, all the institution also offers loans facilities to their clients. However, the loan facilities offered by the institutions tend to be differentiated and differ across the institutions. The difference of the loan facilities offered by the institutions can be attributed to diversity of management, organization objectives, and mission and vision statements of the institution.
For example, Standard Bank has disintegrated their loan facilities into various distinct categories, in line with the objective of meeting the needs of their clients. For example, there are various loan categories in the both business and personal loans. First United Bank and Trust have not been able to classify different categories of personal loans, which is essential to ensuring the needs of different customers are met in a personalized manner. The other three banks have been able to categorize their loans facilities into various distinct categories such as auto loans, educational loans, and medical loans among others. However, the institution has not been able to provide a breakdown of the personal loans provided by the institutions.
First United Bank and Trust also do not provide insurance services as seen in the other financial institution, in our discussion. The other institution provides both personal and business insurance services to their clients. This is beneficial to the institution and their clients. The bank is able to expand their line of activities and increase profitability. On the other hand, the clients would be able to receive their financial services comprehensively under one roof.
Recommendations on Improving Line of Services
Based on the comparison and analysis of different services provided by different institutions under discussion the main differences outlined include the diversity of loans product and insurance. Recommendations can be made based on the analysis, and these are the recommendation that can be considered by First United Bank and Trust in improving their line of services and products.
- The institution should consider disintegration of the loans provided both the personal and business loans, for example, classification of the loans into various categories such as auto, medical and education among others.
- The institution should also consider introducing insurance services in their line of services. This would increase profitability and ensure that all financial needs of their clients are met comprehensively.
References
First United Bank & Trust at Maryland State URL:
https://www.mybank4.com
Summit Community at West Virginia State URL:
http://www.mysummit.com
Stander Bank at Maryland State URL:
http://www.standardbankpa.com/about/convenient-locations/
First People Bank at Maryland State URL:
http://www.firstpeoples.com
First United Bank & Trust
https://www.mybank4.com/personal-loans.htm
First People Bank at Maryland State
http://www.firstpeoples.com/site/prodserv.html
