In late May, Fayette County Bank in St. Elmo was closed by the FDIC and re-opened as United Fidelity Bank. Senior Vice President Mark Isaac said this is the fourth time the bank, based out of Evansville, Ind., has stepped in to acquire an FDIC-marketed institution. United Fidelity has assumed all of the deposits and most of the loans held by the former Fayette County Bank.
Isaac said that sustained losses over the past few years consumed necessary capital to keep Fayette County Bank in business. Government regulations mandate that certain levels of capital are maintained. As a result of its failure to do this, Fayette County Bank was closed.
Though the change resulted in an out-of-state bank taking over, local customers should not see an impact in their personalized service. Brenda Workman of Effingham will assume leadership duties and Laura Mooreland of St. Elmo will lead business development. Many of the faces familiar to St. Elmo customers are still working. Service is a mission for United Fidelity, Isaac said, as the bank believes it is “big enough to serve you, small enough to know you.”
This combination of employees who know the local community backed by the resources and products of a larger bank helps improve service.
“We want to be able to call all of our customers by name when they visit,” Isaac commented.
He sees an enhancement of the customer experience and service as keys to the branch’s success. He also remarked the excitement the company has in operating a branch in a community like St. Elmo, where United Fidelity can really see its impact on the market.
Changes that are planned should have a positive impact. Isaac said that in mid-October, business and retail customers will have access to a variety of new services, including cash management, free retail online banking and bill pay, banking by smartphone, and variable and fixed rate mortgage loans.
The changes will not be limited to only services, as the bank plans both interior and exterior remodeling projects for the branch.
While their specialty is certainly banking, community service is important as well. Isaac said United Fidelity is a big believer in getting involved in the communities in which they operate. All employees are encouraged to serve their communities in various capacities.