Discuss the bank’s referral team concept highlighting some of the successes.
Business referrals are a driving force for Goshen Community Bank’s growth. We have
an incentive program that encourages employees and board members to make referrals.
We launched a referral contest series in 2007 and it has continued with great success.
The referral contests consist of three teams, composed of a mix of employees and
bank board members. Each contest runs for three months and concludes with a winning
team that has identified the most referrals and new banking relationships. During
the contest each team meets monthly to discuss referral opportunities and to share
ideas and advice on how to identify and obtain referrals. Teams are assisted by
29-year salesman and business development officer, Jeff Showalter, who does not
participate in the contest but attends each team meeting to help employees excel
at obtaining referrals.
In 2008, we held three contests generating a total of 149 referrals. As a result
of the contests, our employees and board members referred $1.4 million in loans
to our residential department. Capitol Wealth Advisors received a referral for a
person who sold a business and had $2 million to invest. Referrals accounted for
$2 million in new deposits for CDARS®, which allows our customers to receive
FDIC insurance for deposits up to $50 million.
Referrals from our employees and business partners are crucial to our bank’s success.
Goshen Community Bank continues to expand its customer base and relies on its customers
to help refer the bank to others.
— Douglas A. Johnston, President & CEO