New Products and Services to Consider for Your Business's Growth Plans
Recent headlines might leave you confused about the direction of the economy:
- Real gross domestic product increased at an annual rate of 2.9% in the third quarter of 2016, according to the Bureau of Economic Analysis.
- Consumer sentiment fell 4.0 points in October to 87.2 – the lowest level in two years, according to the University of Michigan Consumer Sentiment Index.
- New orders for manufactured durable goods fell 0.1% in September following a 0.3% increase in August, according to the U.S. Census Bureau.
- New single-family home sales rose to a seasonally adjusted annual rate of 593,000 in September, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
- The Conference Board’s Consumer Confidence Index fell to 98.6 in October, down 4.9 points from August. The Present Situation Index fell 7.3 points to 120.6, while the Expectations Index fell 3.3 points to 83.9.
However, in the last few months I’ve had the opportunity to travel to several of our markets and meet with Bank SNB clients. I am pleased to report that while they are watching the economic and political events closely, our clients are optimistic about the future. Many have future growth plans and are seeing some growth in their business volumes. That is encouraging. One thing is for certain, a good banking partner that knows and understands your business is a great asset. Particularly one who provides ideas and solutions to help you bank successfully.
At Bank SNB, we continue to look for opportunities to give you more control of your financial future. We recently introduced consumer online account opening, which offers the convenience of opening a new personal checking, savings or money market account on our website without coming into a banking center. In this newsletter, you’ll learn about a new commercial treasury product called Bank SNB’s “Smart Safe.” If your business collects cash in multiple locations, this product provides safety and convenience for your business. And, you’ll read how Bank SNB provided expansion and working capital financing to meet the needs of a growing Denver-based business. We can do the same for your business if your future growth requires plant and equipment financing.
Most importantly, we put the best bankers in our local markets to help you understand how Bank SNB can support your growing businesses. If you’re looking for our Austin team, we’ve moved to a new location in the Domain NORTHSIDE! If you’re in the area, join us for the launch party of our new banking center on Monday, Nov. 14 (get details here).