Mutual of Omaha Bank Local Leadership, National Name Lend Strength, Stability to Community Banking in Southwest Florida

During its 105 years in business, Mutual of Omaha has become a household name, indelibly identified with the popular TV series, “Mutual of Omaha’s Wild Kingdom.” Now the insurance industry icon is counting on brand awareness to do the same for its full-service banking subsidiary, Mutual of Omaha Bank.

“Our affiliation with the insurance company makes us unique in the banking industry,” says John Clark, the bank’s state president for Florida. “I see us as a very large community bank supported by the size, technology and capital strength of a national corporation.”

Mutual of Omaha was founded in 1909 and today is a Fortune 500 company with more than $31 billion in total assets. Although Mutual of Omaha Bank is almost a century younger, it is gaining traction from coast to coast. Currently, the bank has assets totaling more than $6 billion and locations in 10 states, including Florida. Since establishing its first Florida office and state headquarters in Naples in 2010, it has opened just three additional locations in Fort Myers, Marco Island and Tampa.

“Our goal is not to have a bank on every corner, but to establish strategic locations in key markets and utilize technology to reach our customers,” says Clark. “At our core, we want to be a solid commercial bank that builds strong relationships in the business world.”

Strength and Stability

While that might sound ambitious for a market newcomer with limited visibility, Mutual of Omaha Bank isn’t exactly a newcomer. Based in Nebraska, Mutual of Omaha is a trusted brand that resonates with Southwest Florida’s older, predominantly Midwestern population. Many of them fondly associate the name with the long-running TV show that Clark calls “probably the greatest marketing and advertising vehicle ever created.”

However, the bank isn’t relying solely on brand awareness to translate into market share. Typically, most customers are attracted by the services, value and stability the bank offers.

“Many clients wonder if their bank will continue to operate as it does today or if it will only exist because of consolidation, merger or acquisition, which was rampant in the past,” he says. “Mutual of Omaha Bank is backed by a very well-capitalized financial services organization that’s been in business for more than 100 years. We’re not going away.”

The bank has gotten off to an impressive start in Florida. Unlike other financial institutions that have entered the market through acquisitions or mergers, Mutual of Omaha Bank has grown its assets from the ground up in Fort Myers, Naples and Tampa. Its Marco Island location was its sole acquisition in Florida and included the assets and deposits of the former Marco Island Community Bank’s single location. Collectively, the bank’s Florida assets have grown to $615 million in just three-and-a-half years.

Modern Services,
Old-Fashioned Service

Although Mutual of Omaha Bank does some targeted advertising, it relies mainly on referrals from customer and community contacts to spread its message. According to Fort Myers Market President John Fritts, the best publicity comes from local networking. “When you have one office per community, direct contact with individuals and small groups is much more effective than traditional advertising and marketing,” says Fritts. “We’re always entertaining people so that we can tell them about our bank and product offerings.”

For example, Fritts’ office hosts a monthly “president’s lunch” at a local restaurant, inviting partners from law firms, commercial real estate firms and other area businesses to hear what the bank has to offer. “Invariably, we walk away with some business,” he says. “This is how banking has been done for years. It’s not complicated. You just have to be visible and stay present, and we’re doing that.”

Fritts says that many people are unaware of Mutual of Omaha Bank’s world-class product offerings and lending capacity, both of which are on par with any of the largest national banks. All products and services are designed for a spectrum of residential and commercial customers, including owners of small to medium-sized businesses. Each full-service location offers walk-in customers a lobby, drive-thru and ATM, as well as offices for business banking, mortgage lending and wealth management. The bank also provides a full suite of secure online services, including money transfers, bill pay and more.

According to Clark, business customers especially appreciate the convenience of 24-hour banking, as well as the ability to initiate wire transfers and pay vendors without having to write checks. In addition, the bank offers an online banking solution to all customers, from the large corporate client down to the individual consumer.

Commercial and residential lending is a cornerstone of Mutual of Omaha Bank, which has the capacity to fund projects that many Southwest Florida community banks are not able to finance. “We have a significant appetite to finance the construction or purchase of commercial projects that not everyone is interested in,” says Fritts. Recently, the bank provided funding for a charter school and is “very interested” in financing self-storage units, assisted living facilities, apartment buildings and student housing, among other projects.

“A lot of it really comes down to the quality of the borrower and the project,” Fritts adds. “Everyone is eager to lend money to the doctor, lawyer or other professional. But when it comes to projects other than owner-occupied properties, we’re willing and able to think outside the box.”

Local Experience and Solid Relationships

What truly distinguishes Mutual of Omaha Bank from all other banks is its unconventional business strategy. “Our business model isn’t centered around household growth, just for the sake of building the bank,” says Clark. “It’s very focused on taking care of people,” and is uniquely structured to do that.

Each location has a designated market president supported by a staff with deep roots in the community. Local history is key to effective leadership, according to Clark. “Our market presidents are well connected and have strong ties to their community.” Because of that, they are specially qualified to position the bank within their specific service area.

In Southwest Florida, most of the managers and senior lenders have been in the business for upwards of 20 years and nearly all have either worked together or otherwise crossed paths at one or more regional and community banks in the area.

The same can be said for some of their customers. “Our customers stick with us, so we know their ethics and the kind of product quality they expect. From their perspective, they’re doing business with us because they know we’ve been around a long time and they’re familiar with our work ethic and history.”

Clark says that the number-one customer complaint he hears about other banks is their high turnover. “Customers get frustrated when they don’t recognize the people they’re banking with,” says Clark. “We want to create an environment where the employee is satisfied with their job, seeing growth and willing to stay here for the length of their career. Our customers appreciate seeing familiar faces. That’s why we focus on hiring the right people.”

The friendly staff is what persuaded Fort Myers business owner Joe Isley to move his personal and business accounts to Mutual of Omaha Bank. “You kind of bank with bankers, not banks,” he says, and after 35 years in business he knows quite a few. But after the sale of the community bank where Isley was a 10-year customer, “things gradually changed,” he says. “It’s not that they were doing anything really wrong, but it didn’t feel like the hometown bank that everyone loved to deal with. That sort of went away.”

Although he still has friends who work at the other bank, he says the people at Mutual of Omaha Bank always seem happy to see him and make him feel at home. More important, they facilitate his business as the owner and CEO of Jdci Enterprises, Inc./Boatmaster®, which builds all-aluminum boat trailers for residential, commercial and military customers nationwide, including the U.S. government.

As a defense contractor, “everything has to be done right now or yesterday,” says Isley. “We have a merchant account that they help us with (because) we get a lot of government transfers. The staff is so willing to do whatever it takes to make it all come together properly. They’ve done a phenomenal job for us.”

Community Partners

Having satisfied employees who are engaged in the workplace seems to inspire their involvement in the community, which Mutual of Omaha Bank strongly encourages. In fact, Tiffany Homuth, market president for Marco Island, says that her employees are as committed to serving local charities as they are to serving their customers at the bank.

“There’s not a week that goes by that they aren’t doing something in the community,” says Homuth, adding that the 12 Marco associates work with more than 20 local not-for-profits. “Our weekly volunteer activities range from teaching financial education classes in Collier County schools to picking up paint brushes to help finish a home for Habitat for Humanity.” Other beneficiaries include the Greater Marco Family YMCA, the Marco Island Chamber of Commerce, Junior Achievement, American Cancer Society, Marco Fire Foundation and Kiwanis and Rotary clubs, among others.

Being out in the community also gains valuable exposure for the Mutual of Omaha Bank brand. “The name gives us great credibility with customers, but they still want to know what we can do to help them and whether they should bring their account to us,” says Clark. “If I’m a business owner, I want to know I have a partner and financial advisor for a lifetime, with the scale and ability to grow with me over the long term. We’re the perfect solution.”