City Becoming Banking Mecca?

Posted by Publisher on
Fairhope, Alabama

Updated.



ANOTHER BANK COMING TO TOWN

Hancock/Whitney Bank will be renovating an existing building to open an office on Fairhope Avenue across from the post office according to a building department official.

ServisFirst Bank  is opening a branch across the street in the new Portico building as well.

Another three banks on Greeno Road are currently under construction or nearing completion.

Some reasons cited for the large number of banks here is rapid growth rate requiring capital (loans and mortgages) ... and that cash is only insured up to $250K per bank by the FDIC.


Comments

Anonymous said…
I can think of a lot of things worse than banks to have here.
Sunday, January 20, 2019
Anonymous said…
From I10 to the fhope city limits on Business 98 there's 15 banks but fhope will declare themselves the banking capital of the south.
Sunday, January 20, 2019
Anonymous said…
I count 17 in the area surrounded by Gayfer, Bishop, Morphy and Church.
Monday, January 21, 2019
Anonymous said…
It is such an ugly little building. Any thing would be an improvements.
Monday, January 21, 2019
Anonymous said…
Are there about as many liquor stores as banks ? I don’t care about how many banks there are. I care about doctors (always need more) lawyers (need less) , grocery stores (about right) and Chick Fil A ( need one).

Must be a lot of $ around here. I wonder how many folks need more than one bank because of FDIC limits ?
Monday, January 21, 2019
Anonymous said…
Note to editor: The FDIC insures all deposits up to $250,000, not $200,000, however, there are ways to have your deposits insured to higher amounts by having the deposits in your name, your spouse's name - $250,000; have an account in just your name - $250,000; have an account in your spouse's name - $250,000, so that is $750,000.
But at a minimum, the FDIC insures a deposit account up to $250,000, not $200,000.
Monday, January 21, 2019
Anonymous said…
Note: Check with your banker on amounts higher than $250,000 to ensure the advice on higher amounts is correct (it is but must have a disclaimer); also, these are not banks, they are branches of banks. These branches want the deposits of the local area but use most of the deposits to lead money to other areas. When a bank is HQed in Fairhope then the bank usually cares about the Fairhope area and will build branches in other cities to lend out the deposits taken from other cities.
Remember, where the HQ is located, the top leadership also lives in the area.
The more banks move into the area with branches indicates the higher wealth of the area, backs do their due diligence prior to building a branch.
We need a locally own bank that is HQ in Fairhope with shareholders that are citizens of Fairhope to really have a bank that cares about the city!
Monday, January 21, 2019
Publisher said…
We stand corrected, it is $250K.
Monday, January 21, 2019
Anonymous said…
The City Council should consider drafting an ordinance to limit the number of banks that can be located in the Central Business District (downtown Fairhope) if at all possible. We have enough already. They take up all the prime real estate and are located on every single corner (Wells Fargo, PNC, BB&T, Regions, National Bank of Commerce, Merchants & Marine, First Bank Mortgage BBVA, Servis, Whitney and First Bank of Baldwin). The BBVA Bank at the corner of Magnolia and Section is extremely large and unattractive with 2 floors and 4 drive thru tellers. I think most people would rather see more shops and restaurants downtown than banks and drive thru tellers. Put the banks out on Greeno Road not downtown Fairhope. Fairhope doesn't want to be known as the town with a bank on every corner. Not good.
Tuesday, January 22, 2019
Anonymous said…
The City Council should consider drafting an ordinance to limit the types of people that can live in Fairhope.
Tuesday, January 22, 2019
Anonymous said…
"From I10 to the fhope city limits on Business 98 there's 15 banks but fhope will declare themselves the banking capital of the south."

I agree! Fairhope is the worst place in the world! I'm not at all jealous, either. Really, I'm not. I'm just another anonymous poster with the courage to speak truth to power! I'm proud of me.



Tuesday, January 22, 2019
Anonymous said…
Slurred speech could indicate a stroke or other problem.
Tuesday, January 22, 2019
Anonymous said…
It would be nice just to see a new building then wasn't WHITE and Black trim.
Tuesday, January 22, 2019
Anonymous said…
What does everyone have against banks? Most of them are the best looking buildings downtown. I think that Walcott Adams did the design work on the two The Citizens Bank buildings on Section Street, and the First Bank snuggles right into the block it's on next to the Local. In my opinion, banks are the best downtown businesses because their customers come and go and don't park for hours on end. Also, banks typically are great community partners, sponsoring and hosting a multitude of events. We are a very small town and are so fortunate to have some of the best retailers anyplace.....Fantasy Island Toys, CK Collection, Villa Decor, Green Gates, Riverbend, Gigi & Jay's, etc. I am not sure how many high end retailers one small town can support; we have a multitude of fabulous eateries. I think that the banks fill in the blanks and highlight all of the good that our merchants have to offer. I just don't understand the vitriol.
Tuesday, January 22, 2019
Anonymous said…
I think some people want to complain, about ANYTHING.. The merchants would obviously rather have a bank than a competing merchant. Reportedly things are OK but not booming. Hopefully more banks mean more completion for deposits and loans and that is good also. Banks do reinvest in the community more than most businesses.

I would like to see more public parking perhaps on the perimeter of downtown. I guess that’s another subject.
Tuesday, January 22, 2019
Anonymous said…
Most banking for the general population is done on-line. Paycheck direct deposits and on-line bill pay is the norm. No one carries cash anymore and most people use their debit cards for transactions. The days of business owners transporting large cash bags for daily deposits is rare. There is not an over abundance of eateries and "high end" shops in Fairhope. The BBVA Bank on the corner of Section and Magnolia takes up 2 blocks and is not appealing. So yes, Fairhope needs more banks downtown.
Wednesday, January 23, 2019
Anonymous said…
The fashion police are out telling us what does not look good, oh my.
Wednesday, January 23, 2019
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