Last week, Celent, the banking consulting subsidiary of Oliver Whyman, recognized Midwest BankCentre, a $2B community bank in Missouri, as its Model Bank 2020 for Community Banking Transformation.
Midwest BankCentre’s story, in Celent’s view, is how a community financial institution achieved significant results on short timing with few resources through skillful leadership, prudent risk management, and careful vendor selection.
The bank historically grew through traditional means; branch building and strategic acquisitions. In 2018, it set out on one of the largest undertakings in its recent history — the launch of a modern digital branch, Rising Bank — to rapidly grow its deposit base and support its continued growth.
“For perspective, a well-placed branch in the St. Louis market could expect to gather $20 million in deposits within the first year of branch operations, growing to $50 million after three years — and would likely take several years to break even and require 4–5 FTEs to sustain operations.” said Bob Meara, a senior analyst at Celent.
Midwest BankCentre gathered $100 million in just six months.