Banking on It - June 2006

Heritage Bank of Nevada

Continuing Success for Small Businesses

by Rachael Wax

Heritage Bank, a Northern Nevada bank serving small and mid-sized businesses, has filled an important void to several communities throughout the area. Established in 1995, it has three branches in Reno and one in Carson City. In the fourth quarter of 2006, another bank branch is set to open in Spanish Springs to keep up with the growth of outlying communities.

Heritage Bank is member-owned by 352 Northern Nevada families and managed by a group of 13 leaders, including: Stan Wilmoth, president; Tom Traficanti, senior vice president and chief credit officer; Steve Carrick, branch operations; and Jim Buster, chief financial officer. The bank focuses on serving the needs of the Northern Nevada community with both business and commercial banking, offering such options as free courier services, several lines of credit, online banking, commercial term loans, consumer loans, real estate loans, construction loans, government-guaranteed loans and business overdraft protection. Almost 100 percent of Heritage Bank’s money is loaned locally to continue to help small and mid-sized businesses grow and thrive.

"The primary product we offer that cannot be replicated by any other bank is access to decision makers and problem solvers," explained Wilmoth. "When a consumer or a small business owner has a request, our bank gives that client the ability to sit down and personally talk with any one of our loan officers to discuss individual needs. We hold ourselves accountable and accessible to every customer we serve." To underscore this accessibility, Wilmoth even gives out his home phone number to customers to help them feel more comfortable and secure about their investments at Heritage Bank.

Heritage Bank aids its community with several non-profit endeavors, primarily working with the schools and families of its employees and customers. The bank supports: the national Head Start Program, providing education, health, nutrition and parent involvement to children of 580 Nevada families; the Food Bank of Northern Nevada, providing food assistance to residents of shelters, rehabilitation programs, day care center and senior programs; the Boy Scout Area Council of Northern Nevada; and youth soccer programs throughout local communities.

The bank takes many precautions to ensure its customers are protected from becoming victims of fraud and identity theft. Over the last two years, it has implemented various procedures and programs to monitor and safeguard its banking system 24 hours a day from the threat of electronic invasion.

Being a small bank proves advantageous for its customers and employees, according to Wilmoth. Having fewer staff members means each employee can be consulted when the bank makes decisions. Staff members are cross-trained within the bank and are rewarded with competitive benefits and wages, said Wilmoth, resulting in a very low employee turnover rate.

The bank’s size also helps it maintain ties with customers. "We aren’t threatened by mega-banks, because they just don’t have the resources or personnel to individually connect with customers like we are able to," he said. "Our slogan states, ‘It’s not how big your bank is, but how big you are with your bank.’"

Rachael Wax
Rachael Wax is a freelance writer based in Southern Nevada.