VCNB Loan Blitz Brings in Business Customers

Ventura County National Bank brought in almost $4 million in new loans in April with a two-week “loan blitz” of local companies.

For the campaign, all bank employees were used as business development officers, bringing in 112 new customers. Although the bank says it booked almost $4 million in new loans, $1.5 million is likely to be added to the total when all the results are tallied, said chief banking officer Carl Raggio.

Small businesses are doing most of the borrowing, which Raggio said reflects both an improving economy and the continuing consolidation of the banking industry.

“A year ago, people were looking at how to cut back on expenses,” Raggio said. “This year people are making decisions based on opportunities. They’re still a little tentative, but they’re willing to take a calculated step forward.”

VCNB waived certain loan and account-maintenance fees during the blitz to allow potential customers to focus on the bank’s products and services, Raggio said. Most new customers chose a combined checking and credit package tailored to the needs of smaller firms.

“The response from the community was overwhelming--so much so that we exceeded our goals by almost 100%,” Raggio said.