Delaware County Bank & Trust in Lewis Center, Ohio, is the latest bank to add private banking in an effort to court more high-net-worth customers.
After suffering losses for the last three years, the $518 million-asset company is undergoing a series of changes that also include beefing up its management team, raising funds and offering new services, Columbus Business First reported Thursday.
Delaware County reported net income of $185,000 for the quarter that ended March 31 but a loss of $3.1 million for 2011, according to the Federal Deposit Insurance Corp.
Community banks are increasingly turning to wealth management and private banking services to add new revenue streams in the face of slow loan growth and narrowing margins.
Barbara Walters, a senior vice president, will head the private banking unit, which will offer special mortgage products, credit cards with rewards and high-yield money market accounts, Columbus Business First reported. The bank already offers trust services through a wealth management division and estimates that 20% of its customers would qualify for its private-banking services.
The company is also rebranding itself with a new logo, website and tagline, Columbus Business First reported.