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In the last five years, we have employed our resources — human and financial — in acquiring banks and expanding our geographical footprint. While always staying alert for strategic acquisition opportunities, for the next five years our strategy is to focus inward, employing internal growth strategies and opening additional offices in strategic locations.
Our objective is to grow income from noninterest sources by concentrating on:
Wealth Management Products and Services
Because of our markets and the customers we serve, we expect wealth management products and services to play a key role in Colonial’s future growth. We are in the process of establishing Colonial BrokerageSM as a member of the NASD that can offer today’s investor a range of products and services including full-service and discount brokerage, asset management, trust services, educational funding, tax management, and retirement planning. Through Colonial Investment Services, Inc., we offer lines of insurance, including term, universal, whole life, and long-term care. Income from our wealth management products and services has grown 131% over the last two years. Growth rates are expected to continue upward with the implementation of our financial planning department. We now offer in-depth financial plans which will be an integral part of our wealth management area, creating the “value-added service” that our customers deserve.
Cash Management Services
By combining Colonial’s resources we offer a complete package of cash management services, which include lock box services, sweep accounts, zero balance accounts, electronic data interchange, automated clearinghouse, and Business Banker Plus™, an online tool for bank account reporting services. Revenue from cash management services increased 41% from the year 1999 to 2000.
International Banking
With increasing international customers, we will continue to provide letters of credit to top-tier banks though our International Banking Department. Plus, our international department offers pre-export financing, import financing, funds transfers and check clearing services, investments, trade syndications, and merchant banking services, among others.
Electronic Banking Services
To meet customers’ demands for banking when and where they want it, we continued to expand our electronic banking services. For example, customers can now access account information, conduct financial transactions, and make bill payments online through ColonialBank.com. In addition, we plan to introduce the Visa Business Check Card in 2001 for our business customers who want to reduce petty cash and take advantage of the convenience and record keeping of secure, card-based transactions. What’s more, we added 26 new ATMs to our network in 2000, bringing our base to more than 230 ATMs. We will continue to enhance the functionality and value of electronic banking services in 2001, while installing ATMs in the most convenient and high-traffic locations.
Undeniably, we will continue to expend resources to ensure all our products and services are among the most competitive in our markets. In late 2000, our Product Review Team began an in-depth study of all our products and services and will recommend future product enhancement strategies by mid-2001.
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