William Hedgepeth President & CEO Select Bank & Trust
What is the role of the Triangle market in the bank’s overall growth strategy? The Triangle market is pivotal in our growth strategies as set out by our board and executive management. We are working very hard to build and support the best team we can, meet our customer and prospective customer needs and support that community. We will continue to provide our team members in the Triangle the resources they need to grow our market share. How are fintechs impacting community banks? More fintech companies are coming into the competitive landscape that can help community banks up their digital game. We’re thankful that we have a great team that does their due diligence in selecting the fintechs and vendors that will work best in our segment and for our customers. We still have some features that are rolling out as a piece of the overall transition in 2020. In fact, we just rolled out GuardMyCard, a really interactive and user-friendly way to manage debit card spending, track debit card usage, limit employee card use and a lot more. How is the bank taking advantage of the Triangle’s real estate market? There are a few ways to answer that but the quote that comes to mind is, “if you build it, they will come.” People and businesses are flocking to the Triangle because of its economic landscape and we hope that we can be helpful in multiple ways there. Our mortgage team is ready and willing to help those moving to the area with buying or building, and our commercial team assists residential and commercial developers with their banking needs. What is your near-term outlook for the industry? Many challenges lie ahead for Select Bank & Trust and the other small community banks. The lower interest rate environment is one such challenge. The external and internal challenges will require our utmost focus but we always tell our team to focus on one banking relationship at a time and the rest will take care of itself. 124
| Invest: Raleigh-Durham 2021 | BANKING & FINANCE
Businesses large and small navigated the pandemic with the help of the region’s banking and finance sector.
Company in a lawsuit after the insurance company determined that the companies did not qualify for payouts after the restaurants shut down, even though owner Giorgios Bakatsias had been regularly paying for business interruption insurance. The judge in the case sided with the restaurateurs. Until then, the courts had been siding with insurers by determining that business interruption coverage only applied if the business presented physical damage or structural alterations, usually linked to a fire or a storm, not a pandemic. Looking ahead Raleigh-Durham’s banking and finance industry played a crucial role in helping businesses large and small navigate the ripple effects of the pandemic. As the region regains a new sense of normalcy and pent-up demand across a variety of industries progressively increases, the Triangle’s financial institutions, whether fintech startups, community banks or international behemoths, will continue to play an essential part in the area’s growth. Fueled by a dynamic housing market, a constant infusing of VC and PE investments and a bustling tech and innovation hub, the Triangle’s banking and finance players are sure to continue to find the talent, demand and growth they need to continue to thrive, even considering the challenges posed by the growing need for tech-infused services and record-low interest rates.
