With many challenges facing mid-Michigan, how has Capitol National Bank continued
to attract new customers while retaining its original, loyal base of investors?
At year-end 2008, the unemployment rate in Lansing exceeded 9.6%. General Motors,
Ford and Chrysler were poised to file bankruptcy. More than 650 families in Lansing
needed winter coats. Property values were plummeting and more than 143,000 homes
in Michigan were identified for foreclosure.
These are not just statistics. These are customers, community partners and friends.
When an economic tsunami hits one business we all feel the aftermath. It would be
easy to succumb to the recession as an excuse for not building on relationships
with customers. However, this is the time that customers need us the most and the
time when we must maximize our potential.
In 2008, our entire team, including our board of directors, worked to become more
knowledgeable about the products and services we offer. Everyone was briefed on
the benefits of health savings accounts (HSAs), remote deposit, online banking,
credit cards, and other products and services. We became more entrepreneurial in
our thinking. As a result, we sold more than 74 HSAs; as customers switched to remote
deposit, we were able to reduce courier hours and CDARS® has helped us maintain
and grow deposit relationships. Our health care division continues to be a valuable
resource. Special thanks to Kevin Kelly, our most honored director, who passed away
in December 2008. He was instrumental in launching the Capitol National Bank Health
Care Council.
Customer retention and loyalty can still thrive in a poor economy. When we build
relationships we not only enhance our business, we enhance lives.
— Paula D. Cunningham, President & CEO