Affinity Bank Opens Its 1st Full-Service Branch
Ventura-based Affinity Bank has opened its doors for customers to establish savings accounts and to acquire loans.
That may seem like old news for people who have been banking with the institution since it was founded in 1996. But before moving into its new headquarters last month, the bank never had any doors to open for walk-in business.
The move, from an office space in mid-Ventura to a former Wells Fargo bank building downtown, marks the debut of Affinity Bank’s first full-service retail branch aimed at complementing its nationwide telephone-centered operation. Strategically, it is a response to the growth within the past year of its Ventura customer base.
Affinity Bank is the property of the Affinity Group, a holding company that also owns the Good Sam Club, Camp Coast to Coast and other clubs and magazines targeting the outdoor recreation market.
About $100 million of the bank’s $125 million in total deposits has come from members of these organizations. But it is the other $25 million to which bank President Michael McGuire has paid particularly close attention.
“I’m not surprised at [the extent of growth] except that we didn’t really have a retail facility to serve the public,” he said. “We really do feel we have an opportunity to serve the Ventura community, and it’s imperative we have a decent retail operation.”
Moving into the 1,400-square-foot building at Main and Chestnut streets, McGuire said, should give the bank the increased presence it needs to become an established part of the redeveloping downtown area.
“I wanted to be downtown because I see downtown Ventura as an area whose time and opportunity has really come,” he said.
“We are asking ourselves, ‘Where do we have the opportunity to connect to the community? Where can we make a greater connection to the overall vitality of the community,’ ” McGuire said. “I really strongly believe downtown is making a strong comeback centered around cultural arts and entertainment and restaurants. I think we are just beginning to see the potential.”
McGuire said that in the short term, the downtown branch should allow the bank to at least double the value of its local deposits.
“Assuming we can continue to offer competitive rates, we feel there is an opportunity to probably get $40 [million] to $50 million in deposits from the Ventura community,” he said. “And that’s just looking at the Ventura demographics, not Santa Barbara, Camarillo and other places.”
However, McGuire said the main focus for Affinity Bank will continue to be its list of about 2.5 million recreational club members and magazine subscribers.
“Our goal is to build our operation from the membership file,” he said. “Our goal is not to build a retail office except here in Ventura. We will probably not look for additional branches in Ventura or outside the area.”
