Monday, October 20, 2008

There is a Silver Lining

Fear, volatility, doom and gloom news of the stock market and the economy is everywhere, but there are signs of business as usual and even hope. A new commercial bank has just been launched (yes a new bank), in New York called The Heritage Bank. It has raised over $60 Million despite the last few weeks of financial turmoil. David Bagatelle, President and CEO, said earlier on Fox Business News: “we are a bank, not a bond fund.” Heritage Bank will focus on making loans to small and medium sized businesses, providing a “personalized level of service – back to what banks should do; make loans, hold loans and develop relationships with its customers,” said Bagatelle. Its competitiveness will stem from expediency and quality of service working with CEO’s to understand their business. Isn’t this what traditional banking was always meant to be? Are we not returning to tried and tested business models with discipline and standards? After the dot com boom and bust a similar approach of back to basics and sensible business models also followed. History has an uncanny way of repeating itself. Got a question on your business, post it here or email me at: businessissuestoday@gmail.com

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