Offering IRAs

​We haven't used that approach to attract depositors. We are a smaller bank and primarily commercial banking focused. Our IRA portfolio is relatively small.  My thought is you need to know the demographics of your market area and know what your competition is doing. Plus, as marketing them goes, it's a seasonal product. It's a challenge to build core deposits with a seasonal product.

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John Ezell
Senior VP & Cashier
Redstone Bank
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Original Message:
Sent: 04-24-2018 17:47
From: John Haglund
Subject: Offering IRAs

This may seem like an overly simple question, but we're a pretty simple institution, plus I'm new to the banking industry.  I also realize we're about 2 weeks late in terms of optimally timing our entering this market.

What is involved in offering IRAs?  What has your experience been in using IRA's as a tool for attracting new depositors?

Thanks in advance.

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John Haglund
Controller
Liberty Bank, Inc.
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