Creating an enduring correspondent banking relationship is not something that happens overnight. It requires the steady application of resources, a thorough understanding of the challenges community banks face, and above all, a genuine and sustained commitment.
First National Bankers Bank was established 40 years ago by 28 Louisiana-based bankers. Today, the holding company, FNBB, Inc., and its banking subsidiary have six locations serving community financial institutions in more than 30 states. FNBB is unique in that its shareholders are its respondent bank customers. Staying true to its bankers’ bank model, FNBB provides the support and technology their community banks need to thrive and succeed. Through economies of scale, FNBB makes available advanced products and services that could be cost prohibitive on their own.
AT A GLANCE
Top executives: Joseph F. Quinlan, Jr., FNBB, Inc. Chairman; Joseph F. Quinlan, III, FNBB, Inc. President & CEO; Paxton Mogenson, FNBB President & CEO
Phone: 225.924.8015
Address: 7813 Office Park Blvd., Baton Rouge, LA 70809
Website: bankers-bank.com
The holding company, FNBB, Inc., has grown to include the banking subsidiary, an audit company, insurance company and capital markets group. The banking industry is constantly evolving, and FNBB stays abreast of the latest trends and regulatory requirements. A top-of-mind matter for financial institutions is cybersecurity. FNBB, Inc., through its subsidiary, FNBB Services Corp., provides information systems audits and network vulnerabilities tests. FNBB Insurance Agency, LLC, provides cyber-liability coverage focused on the needs of a financial institution. Customers gain access to information and best practices fundamental to combating fraud and complying with such legislation as the Bank Security Act and the Anti-Money Laundering Act.
One area the company has focused on in recent years is innovation, and a couple of years ago hired a chief innovation officer to help stay attuned to new products and concepts. Innovation training is a new service offered to customer banks. “You hear a lot lately about innovating, but many businesses are still struggling with how to take real action,” says Joey Quinlan. “We’re applying it in practical ways, constantly looking for opportunities, products and concepts that could be of real value to community financial institutions.”
FNBB is committed to the success and future of community banking and realizes the key to its long-term success is the ability for community banks to acquire and retain younger customers and employees. With that in mind, it formed the Future of Banking Group, a group of FNBB employees under the age of 35. This group meets on a regular basis to brainstorm, research, and collaborate on the challenges confronting financial institutions and has recently published a white paper on the subject of attracting younger customers.
Community banks must be able to compete with national and regional banks and Fintech companies. This is where FNBB steps in with services designed to help community banks maintain their competitiveness and support their communities as they take advantage of operating efficiencies. “Because correspondent banking is our only business, banks view us as a noncompetitive partner,” says Pax Mogenson. “Through our correspondent services, community banks are better equipped to respond to the needs of their customers.”
FNBB will continue to be responsive to the needs of their shareholders and customers, providing the service they require to keep up with an evolving banking environment. “They look to us to be subject matter experts and to provide services that help them remain relevant to their customers. That’s why we’re here,” says Joe Quinlan. While banking will continue to change, FNBB will not. “Our commitment throughout the last 40 years has been and remains “Service Beyond Comparison,” he adds.
Joseph F. Quinlan Jr.
When we founded our Bankers Bank organization four decades ago, we unanimously agreed that our mantra and initial core value needed to be “SERVICE BEYOND COMPARISON.” This philosophical approach is one of the primary reasons for our early success in what has been a very competitive correspondent banking market arena in Louisiana and neighboring states. We not only believe in this philosophy, we practice it daily. Today, that core value remains to be one of the heartbeats of our company, and will remain forever. FNBB, Inc. and its subsidiaries have been blessed with many, many long time and legacy correspondent banking friendships and partnerships which we value greatly.
