Gainer, Centier look to future
Item
Title
Gainer, Centier look to future
Creator
Vidette Messenger
Date
November 17, 1991
Identifier
SN.02.806
Subject
General, Terry Carpenter, Liza Fernandez, Carrie Breyfogle, Valparaiso Downtown Branch, James Ellsworth
Original Format
newspaper
Text
Centier Bank tellers Terry Carpenter, Lisa Fernandez and Carrie Breyfogle help customers with their business at the Valparaiso branch on Lincolnway earlier this week.
Gainer, Centier look to future
by Tom Kryder
The Vidette-Messenger
In the face of a lackluster economy, two successful area banks are hoping new names help lead them into the future.
But for the Gainer Corporation and recently renamed Centier Bank, new monikers don't mean the same thing.
Gainer's new name will emerge sometime in early 1992 when the Merrillville-based bank merges with NBD Bancorp of Detroit. With NBD's additional resources (it's the 27th largest bank holding company in the country), Gainer will be able to off er a wider selection of options to its private and business customers.
Gainer President Bruce L. Dahltorp said the merger is being implemented to benefit bank clients, not out of necessity.
"It's part of a trend in the country where large, secure national banks merge with large safe regional banks," he said. "We don't have problems like other banks. The advantages to our customers come from having an even larger bank with more services.
"We could have remained independent," he added. "By all the ways of measuring banks we are very secure."
In March, the bank registered total assets of $1.5 billion. Gainer's earnings for the full year 1990 were $10.6 million.
Gainer is consistently rated as one of the 10 safest banks in the country, Dahltorp added.
Dahltorp said the merger could be complete as early as January. At that time, Gainer will become NBD's 18th subsidiary bank.
NBD operates banks in Indiana, Illinois, Michigan, Ohio and Florida. Currently the company features nearly 400 domestic and seven international offices. NBD's total assets are $27 billion.
But customers at Gainer's 42 Lake and Porter County branches and automatic teller machines will see few noticeable changes, Gainer Executive Vice President James J. Giancola said.
"In some ways this type of acquisition could be termed as an invisible acquisition," he said. "You're not going to see big sweeping changes at Gainer Bank."
What customers will find is additional services.
"A decade ago we didn't have to be different," he said. "Going to the bank was like going to the post office.''
But now, Gainer faces stiff competition from dozens of local banks, regional banks and investment firms, Giancola said.
When the merger is finalized next year, Gainer will be able to offer a wider range of leasing, trust services, mortgage banking, brokerage services and international banking with NBD's aid.
"We will be able to differentiate ourselves with our service," Giancola said.
NBD's additional funds also mean more sheer financial power, Dahltorp said.
And with the economy firmly entrenched in the doldrums, bigger is better.
"We don't think there's a recovery a few months out," Dahltorp said. "And I don't see any signs that it will pick up next year."
"Banks which have more capital also have more cushion in bad times."
The influx of additional funds will also boost Gainer's ability to grant big business loans. Currently, Gainer can offer $15 million loans. When the merger is complete, that level will skyrocket to $200 million.
Dahltorp is hopeful loans will continue growth in Northwest Indiana and Valparaiso.
The bank is involved in several Valparaiso organizations, including the Chamber of Commerce and the Economic Development Committee. Gainer currently operates six locations in Valparaiso.
And while Dahltorp said he hopes bank involvement creates positive changes, he admits Gainer has somewhat selfish motives.
"Valparaiso is undergoing an explosion of development," he said. "Through our involvement in local organizations we find out what is going on. That gives us a chance to go to developers and say 'hey, we want to be a part.' "
"We really feel it is our responsibility that the community prospers and grows.''
Centier Bank (formally The First Bank of Whiting) also hopes the Valparaiso area grows, but instead of wooing high profile businesses, the bank is more concerned with serving private citizens.
With 14 offices in Lake and Porter counties, Centier's mission statement is to be the premier community owned bank in the area, Executive Vice president James P. Ellsworth said.
Founded in 1895 as a private bank in Whiting, the bank was recently rated as one of the strongest banks in the country by Bauer Financial Reports Inc. In September, Centier reported total assets of $325.2 million.
But, like Gainer, Centier realized it had to differentiate itself from increasing competition.
"We were spending a lot of money and time building a service structure, but there was no way to communicate that to the public because it never knew one 'First' from another 'First', "Ellsworth said, referring to Centier's old name.
In fact, a study on the subject indicated many people also confused The First Bank of Whiting with Bank One, he said. "The public was really confused.''
And with constant growth away from Whiting, bank officials felt linking the bank to a particular town was a drawback.
So, First Bank of Whiting became Centier Oct. 1 to elevate the bank from the crowd.
The new name was the result of an exhaustive selection process. With the help of a Denver consultant, a six-member selection committee spent 18 months deliberating over 200 possible names.
"We wanted to be sure our name was protectable throughout the country," Ellsworth said. "We didn't want similar names popping up in Minnesota or California."
Names that weren't accepted included Equitus, Veritas and Aquilla.
The panel finally opted for Centier from six finalists. With the corporate logo of an eagle flying above the name, Ellsworth said Centier represented a combination of a "century" in business and "premier" customer service.
In keeping with the new name, Centier is introducing two new innovations to area banking.
On Nov. 6, the bank opened a new branch in the Schererville OMNI Superstore. The branch will feature extended hours and full-service Sunday banking, Ellsworth said.
In addition to deposits and withdrawals, the location will handle financial planning, mortgages and loans.
"It gives us a really unique way to be different in the market place," Ellsworth said. Centier is also putting the finishing touches on DirectLine, an automated information system.
According to Centier President Michael Schrage, the system will allow customers to access information about their accounts from a touch-tone phone from 6 a.m. until midnight, seven days a week.
"DirectLine is one in our series of efforts to provide customers the highest possible convenience," Schrage said. "We believe Centier customers should bank at their convenience, not ours.''
Gainer, Centier look to future
by Tom Kryder
The Vidette-Messenger
In the face of a lackluster economy, two successful area banks are hoping new names help lead them into the future.
But for the Gainer Corporation and recently renamed Centier Bank, new monikers don't mean the same thing.
Gainer's new name will emerge sometime in early 1992 when the Merrillville-based bank merges with NBD Bancorp of Detroit. With NBD's additional resources (it's the 27th largest bank holding company in the country), Gainer will be able to off er a wider selection of options to its private and business customers.
Gainer President Bruce L. Dahltorp said the merger is being implemented to benefit bank clients, not out of necessity.
"It's part of a trend in the country where large, secure national banks merge with large safe regional banks," he said. "We don't have problems like other banks. The advantages to our customers come from having an even larger bank with more services.
"We could have remained independent," he added. "By all the ways of measuring banks we are very secure."
In March, the bank registered total assets of $1.5 billion. Gainer's earnings for the full year 1990 were $10.6 million.
Gainer is consistently rated as one of the 10 safest banks in the country, Dahltorp added.
Dahltorp said the merger could be complete as early as January. At that time, Gainer will become NBD's 18th subsidiary bank.
NBD operates banks in Indiana, Illinois, Michigan, Ohio and Florida. Currently the company features nearly 400 domestic and seven international offices. NBD's total assets are $27 billion.
But customers at Gainer's 42 Lake and Porter County branches and automatic teller machines will see few noticeable changes, Gainer Executive Vice President James J. Giancola said.
"In some ways this type of acquisition could be termed as an invisible acquisition," he said. "You're not going to see big sweeping changes at Gainer Bank."
What customers will find is additional services.
"A decade ago we didn't have to be different," he said. "Going to the bank was like going to the post office.''
But now, Gainer faces stiff competition from dozens of local banks, regional banks and investment firms, Giancola said.
When the merger is finalized next year, Gainer will be able to offer a wider range of leasing, trust services, mortgage banking, brokerage services and international banking with NBD's aid.
"We will be able to differentiate ourselves with our service," Giancola said.
NBD's additional funds also mean more sheer financial power, Dahltorp said.
And with the economy firmly entrenched in the doldrums, bigger is better.
"We don't think there's a recovery a few months out," Dahltorp said. "And I don't see any signs that it will pick up next year."
"Banks which have more capital also have more cushion in bad times."
The influx of additional funds will also boost Gainer's ability to grant big business loans. Currently, Gainer can offer $15 million loans. When the merger is complete, that level will skyrocket to $200 million.
Dahltorp is hopeful loans will continue growth in Northwest Indiana and Valparaiso.
The bank is involved in several Valparaiso organizations, including the Chamber of Commerce and the Economic Development Committee. Gainer currently operates six locations in Valparaiso.
And while Dahltorp said he hopes bank involvement creates positive changes, he admits Gainer has somewhat selfish motives.
"Valparaiso is undergoing an explosion of development," he said. "Through our involvement in local organizations we find out what is going on. That gives us a chance to go to developers and say 'hey, we want to be a part.' "
"We really feel it is our responsibility that the community prospers and grows.''
Centier Bank (formally The First Bank of Whiting) also hopes the Valparaiso area grows, but instead of wooing high profile businesses, the bank is more concerned with serving private citizens.
With 14 offices in Lake and Porter counties, Centier's mission statement is to be the premier community owned bank in the area, Executive Vice president James P. Ellsworth said.
Founded in 1895 as a private bank in Whiting, the bank was recently rated as one of the strongest banks in the country by Bauer Financial Reports Inc. In September, Centier reported total assets of $325.2 million.
But, like Gainer, Centier realized it had to differentiate itself from increasing competition.
"We were spending a lot of money and time building a service structure, but there was no way to communicate that to the public because it never knew one 'First' from another 'First', "Ellsworth said, referring to Centier's old name.
In fact, a study on the subject indicated many people also confused The First Bank of Whiting with Bank One, he said. "The public was really confused.''
And with constant growth away from Whiting, bank officials felt linking the bank to a particular town was a drawback.
So, First Bank of Whiting became Centier Oct. 1 to elevate the bank from the crowd.
The new name was the result of an exhaustive selection process. With the help of a Denver consultant, a six-member selection committee spent 18 months deliberating over 200 possible names.
"We wanted to be sure our name was protectable throughout the country," Ellsworth said. "We didn't want similar names popping up in Minnesota or California."
Names that weren't accepted included Equitus, Veritas and Aquilla.
The panel finally opted for Centier from six finalists. With the corporate logo of an eagle flying above the name, Ellsworth said Centier represented a combination of a "century" in business and "premier" customer service.
In keeping with the new name, Centier is introducing two new innovations to area banking.
On Nov. 6, the bank opened a new branch in the Schererville OMNI Superstore. The branch will feature extended hours and full-service Sunday banking, Ellsworth said.
In addition to deposits and withdrawals, the location will handle financial planning, mortgages and loans.
"It gives us a really unique way to be different in the market place," Ellsworth said. Centier is also putting the finishing touches on DirectLine, an automated information system.
According to Centier President Michael Schrage, the system will allow customers to access information about their accounts from a touch-tone phone from 6 a.m. until midnight, seven days a week.
"DirectLine is one in our series of efforts to provide customers the highest possible convenience," Schrage said. "We believe Centier customers should bank at their convenience, not ours.''