Ventura Bank Celebrates Its 10th Anniversary
In February 1988, Joseph Kreutz stood in line at the entrance of the First National Bank of Ventura, awaiting its 10 a.m. opening.
Along with a select group of community business people, Kreutz wanted to be on hand to witness the bank’s first moments of operation. Once inside the doors, Kreutz promptly opened a checking account.
As the bank--now the Bank of Ventura--marks its 10th anniversary this month, Kreutz continues to have a vested interest in its success, not only as a checking-account holder but as president and chief executive. He was named to both positions in September 1996.
A close observer of the bank since its opening, Kreutz said the goal of the institution remains virtually the same now as it was a decade ago.
“The bank was set up to service small- to middle-size businesses in the community and professional people with banking needs, with personalized service that larger banks couldn’t offer,” said Kreutz, who through his own business processed the bank’s mortgage loans during its first eight years. “Our focus right now is to stay a community bank and not grow so large that we lose that perspective.”
When the institution opened, it had a staff of 10 employees and an initial stock sale of $3 million. Now, the bank employs about 30 workers and has assets of about $54 million.
Within the last 1 1/2 years, the Bank of Ventura has expanded its residential mortgage service and converted from being a federally chartered lender to a California state bank--to offer higher lending limits on real estate-secured loans. It also moved to a new home, which at 13,000 square feet is nearly twice the size of the original building.
And bank officials are looking into offering after-hours banking by telephone, Kreutz said.
The objective of Bank of Ventura officials is to balance the growth of their bank with the service-oriented, friendly feel of a community bank on which they have built their reputation.
“The focus in large banks is more on business development and selling products. We try to do that, but we try to sell products people need and desire,” he said.
Kreutz said community banks will continue to be in demand, even as the banking industry becomes more advanced.
“The thing I don’t think would be . . . popular . . . for a bank like ours would be centralization of services,” he said. “When you walk into our bank, everything is all in one location. Two of the biggest communities we have in California are Los Angeles and San Francisco, and community banks in those areas are alive and well and prospering.”
