And last year U.S. Bancorp hired 200 small-business bankers. Community banks long have prided themselves on serving small businesses, taking bets on risky ventures and providing personalized service. Now the big banks are muscling in on their turf. Banking, as we know it, is dead. The days of just having a loan with a bank are over.
Every business owner has insurance, employee benefits and investment needs.
We learn what their needs are and bring in the specialists to serve the small-business owner. It's easy to see why small firms have taken on new importance among banks. Wells Fargo, which closed its downtown Minneapolis branch at 1221 Nicollet Mall in 1999 because of reduced demand, reopened the location in June as a small business center. The idea is to take care of the company, the owner and the employees in one office and watch the profits follow. Wells' customer Ward Eames, founder and president of the National Theater for Children in Minneapolis, puts on 6,000 educational plays a year for grade school children around the country.