Welcome to the very first blog post of Steuben Consultants! As the title reads I have some old and new things to share with you and I am extremely excited to have this new platform to do so. We have had a very busy month here in the office as we finalized a merger with Maple City Savings Bank, FSB (MCSB). I can assure you that this merger was completed after much thought and preparation and that it will not be an “out with the old and in with the new” situation.
A mutual concern is how we ensure a continuation of the great customer service Steuben Consultant’s customers have grown to expect? First of all, both Mark and I have agreed to stay on with the business long term. This will give everyone plenty of time to work out the details of the transition and build on the best relationship going forward. Our office location, fees, and products will remain unchanged. There will be no new pressures or expectations regarding sales, marketing or profitability. The goal is stability and consistency, ensuring continuation of what has worked so well for the last 40 years.
Why MCSB? MCSB has been doing business here in Hornell for over 100 years. The ownership model is different than most banks in that the depositors are the owners. There are no outside stockholders. Thus, they have no earnings expectations or quarterly investor calls to deal with. They are controlled by their board, which consists of people involved in successful businesses right here in the Canisteo Valley. Their focus is to serve their customers by bringing the best financial products and services to them in a manner that is helpful and productive to their long-term futures. Mark could see the similarities in our philosophies on customer service as he has been actively serving as a board member for the bank for 10 years.
What are the synergies of the deal? Why did we want to do this in the first place? MCSB and SC have had an excellent working relationship for years. Our product offerings have not and will not interfere with each other. With a long track record of referring customers back and forth, the idea of merging the two organizations makes a lot of sense. There will be efficiencies gained in customer, IT, and administrative support so that we may offer a more complete spectrum of financial products and services to our combined customer bases.
Just one example of what has been gained by the merger is this blog, through which I hope to offer insight into the world of money, finances, insurance and investing. This merger will free up my time that has been constrained by administrative duties, allowing me to have more face to face time with you, our valued clients, and potential clients. I have spent the last 16 years constantly looking for better ways to serve clients. In the rapidly changing world of financial services, a steadying influence and consistent delivery of improved products and services is our most valuable asset. This merger allows us to bring that concept to all our clients, both new and old and I am so very excited to begin this new venture.