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banking because, all of the sudden, the folks that were banking at the larger banks realized they had a choice.


Cherry: I would only add that commu- nity banks provide in-market, personal- ized, fl exible, customized services for their clients and as opposed to often- times out-of-market, commoditized services. T ose commodities can be fi ne, and they can work for people as long as they don’t need something to be fl exible or tailored for their individual needs. Once they do, they begin to fall outside of the sweet spot with the very large banks, simply by their nature ... It’s just the nature of the organiza- tion that the community banks can be much more responsive and in tune to individual needs.


Aston: Back to ’08, when everything started collaps- ing, and for those of us fortunate not to have a lot of problems, the movement


Aston


of the large banks pushing these credits out … led to a lot of business opportuni- ties that actually made those years during the downturn some of our best years. My experience has been when these segments fall out of favor, as it did in real estate, for example, all of a sudden large banks, either by regula- tory pressure or by self- imposed pressure, decide to reduce their percentage of penetration in those portfolios. So then they start not renewing lines. T en the lines that they do get paid off are usually the better customers that can go to another bank. [T e large banks] ended up remaining stuck with those that couldn’t pay. At the end of the day, my view is they may have reduced the size of the portfolio, but the risk of that portfolio


Ridenour


LIFE FEELS GOOD WITH A BANK THAT ENGINEERS SUCCESS.


Jim Carson, owner of Carson Land Consultants, knows the value of hard work, detailed planning and well-engineered design. He also knows the value of a strong banking relationship. So when it came time to acquire and renovate the company’s new office on Main Street in Warrenton, Jim knew he could count on commercial banker Ray Knott to help make it happen. When you’re ready to get the most bank for your business, give us a call.


probably went up in the process because it was the better customer who could exit. So, it didn’t feel good at the time, but looking back at it, it was a time of great opportunity.


VB: It seems like every day there’s a new data breach in the news. We’re curious to know how this issue is aff ect- ing community banks.


Are you investing money or staff to beef up cybsecurity?


Ridenour: We just went through a conversion to a new operating system. A big part of that process was to increase our ability to have protocols for security, for cybersecurity, for ACH [automated clearing house] transactions and wires. It was a challenging process because our customers now are going through re- establishing their online banking systems and new protocols, but it’s something that’s really in the forefront of everything


1.800.990.4828 Union Bank & Trust


www.VirginiaBusiness.com VIRGINIA BUSINESS 27


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