Tuesday Topic: Expense Control

Barb,

I hesitated to respond (for fear that I'm on record now and might be terribly wrong), but here goes. We're trying to be on the offensive right now as our current loan pipeline is strong (with what we believe is healthy credits). We're looking at investing in opportunities to become even more digital but we're not focused on cost reductions any different than pre-COVID-19. We're optimistic that our local economy is going to avoid much of the doom and gloom economic forecasts. A low growth market gives you few opportunities to grab market share and we're focused on that. Time will tell...

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John Tyson
CFO/SVP
Altamaha Bank & Trust Company
Vidalia GA
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Original Message:
Sent: 06-08-2020 13:38
From: Barb Rehm
Subject: Tuesday Topic: Expense Control

As margins evaporate, the economy stalls, and credit defaults loom, banks are pinning profit hopes on the one thing they can control-expenses. Layoffs, marketing and divestitures are all getting a close look, according to American Banker. The Wall Street Journal reports teller transactions were off by 32% during March and April giving more banks "fresh reasoning" to expedite planned branch closures and consider additional ones. Do these stories ring true for you? What is your bank doing to cut costs? 

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Barb Rehm
Senior Managing Director
Promontory Interfinancial Network, LLC
Arlington VA
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