First Bank Dunedin branch leads in demand deposits

For a city with just north of 35,000 people, Dunedin has a surprisingly large level of demand.

At least that's true for the First Bank branch there. First Bank's Dunedin branch and its manager, Karen Ranieri, were recognized for a second year in a row with growing demand deposits at a greater rate than any of the bank's 18 other Florida branches.

Demand deposits, checking accounts that accrue little to no interest, are a key indicator and a source of cheap investment capital for banks.

While the bank declined to discuss specific dollar figures, the branch grew its deposits by 32.1% year over year in 2010 and 65% last year. Ranieri says the four-employee branch grew its deposits 117.9% from 2009 to 2011.

The 6-year-old Dunedin branch has always had strong deposit balance levels, but the demand deposit balances plateaued in recent years.

Ranieri, who started leading the branch in 2010, says the increases come from sales 101: hiring the right people, emphasizing customer service and proper training. Among the branch's changes, Ranieri replaced most of the staff over the past 18 months, started holding regular sales meetings and introduced a customer referral program.

“We also started targeting a few of the businesses in area that didn't bank with us,” Ranieri says. “We'd meet with them and even if they didn't decide to bank with us we would take a card and start patronizing the businesses in the area.”

Ranieri also has her staff tout the bank's personal touch, which includes having a real person answer the phone, not a phone system.

First Bank is one of the largest privately owned banks in the country, with more than $6.92 billion in assets and 149 locations in Florida, Illinois, California, and Missouri.