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WGNB Corp. (WGNB) |
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CEOCFO
Interview Index |
This is a printer friendly page! WGNB
- a heritage of
excellence and a future of promise BIO: Alston is a member of the West Georgia Business and Industrial Leaders Association and the Carroll County Chapter of the Salvation Army. He also serves on the Regulation and Taxation Committee of the Community Bankers Committee of the Georgia Bankers Association. Alston is a graduate of the University of West
Georgia and also holds a degree from the Graduate School of Banking of the South at
Louisiana State University. WGNB implemented the MyIDSM program to
enhance the protection of its customers’ financial and personal information.
According to the Federal Trade Commission, identity theft is the fastest growing crime to
date. In 2000, it was estimated that more than 700,000 people were victims of identity
theft. The MyID program consists of a number of comprehensive measures to protect customer
information and prevent identity theft. The program encompasses a wide array of features,
including: On-site shredding of all bank produced information; No opt-out clause/zero
tolerance for sharing customer information; Debit cards with the customer's picture and
signature on the front of the card; Computer-based photo verification at the teller line;
All mailings exclude customers' Social Security number (unless required by law); Free
shredding services of all personal banking records for customers; Pamphlets for consumers
on ID theft prevention and assistance for customers who have experienced identity theft. West Georgia National Bank is now offering Verified
by Visa. Verified by Visa puts you in control when shopping online and protects your
existing Visa card with a password you create, giving you reassurance that only you can
use your Visa card online. Once you activate your card, no one else can use your Visa card
number to make a purchase online at any participating stores – without your personal
password. Throughout the years, West Georgia National Bank has
maintained its core objectives of operating in a prudent and sound manner while adapting
to change. The Bank’s commitment to quality, soundness and its objectives remains
intact. This steadfastness, reliability, and earnestness is the foundation for the
Company's success - past, present and future. WGNB takes a great deal of pride in offering
friendly, personal service in an ever-changing, fast-paced banking environment. CEOCFOinterviews: Mr.
Alston, you have been with WGNB for quite some time; what was your vision when you arrived
and how has that played out today? Mr. Alston: “After undergraduate school, I went to work as an Assistant National Bank Examiner for the Comptroller of the Currency. I examined a number of different banks in the United States for several years. I had the opportunity to come to Carrollton twenty-seven years ago as a junior officer for Western National Bank, which at the time, had about 20 million in assets. I graduated from West Georgia College in 1982 and thirteen years ago I was named CEO of West Georgia National Bank. Since that time, we have grown almost four fold. One reason we are where we are today is the fact that my father instilled in me over the years the importance of being supportive and caring to the people you work with, and that has been the centerpoint of my role as CEO.” CEOCFOinterviews: Will you tell us about the economy in the area where you serve? Mr. Alston: “Carroll County and Douglas County are west of Atlanta. We are able to still retain our rural feel while drawing a substantial number of residents to our market area which is just 45 miles west of Atlanta. We have a university with over 10,000 students, and we have good diverse manufacturing warehousing and plenty of white-collar jobs here. We were not affected as much as others by the downturn in the economy. We have been able to diversify in what was once a very heavy textile industry area, because of the powers that be.” CEOCFOinterviews: What is the mix in terms of residential or consumer, and do you see that changing? Mr. Alston: We have been fortunate to serve a wide spectrum of customers, which includes commercial, industrial and individual consumers. We draw from a wide range of customers and we strive to give the best customer service possible.” We are also focusing on reaching the growing Spanish-speaking population in our area." CEOCFOinterviews: What would someone find at West Georgia that they would not find elsewhere? Mr. Alston: “One of the better examples rests in the fact that we give faster local decisions on loan approvals. It is difficult for a regional bank because someone is going to take an application and send it up to someone else to make a decision.” CEOCFOinterviews: When someone walks into one of your branches, how do you make people feel welcome? Mr. Alston: “I have a very long list of standards and expectations for people that work here and we strive for those. The most important thing is to possess a proper and certain degree of humility. I think that when people are humble, along with other attributes such as being friendly, professional, and having a sincere warm smile and using eye contact it puts you at ease when you walk in the door, that is important.” CEOCFOinterviews: Do you do much advertising and how else do you attract your new customers? Mr. Alston: “We do advertising in the local areas by newspapers and billboards. We have used some data mining. We data mined from our competitors, particularly when they are undergoing a name change or sale, and we utilize the data that we are able to mine from our own operations, from the competitor’s checks flowing through, and sending out letters.” CEOCFOinterviews: Will you tell us about your new product called MyIDSM? Mr. Alston: “We have just received our trademark for MyID. It is a suite of features that enhance customer service and helps our customers fight identity theft. The service includes computer based photograph and specimen signature verification. Of course, we offer a debit card with the customer’s picture and signature on the front of the card. We exclude social security numbers on all mailings, except where required by law. We have on-site shredding of all bank produced information. We offer free shredding service of all personal bank records of our customers. The program also provides pamphlets for consumers on identity theft. We provide assistance to those who have experienced identity theft, with one-on-one interaction. We help the customer return their life to normalcy as quickly as possible. It has been said, that it takes about a thousand man hours to recover from identity theft.” CEOCFOinterviews: Will you tell us about any other new products you have and are there products and services you would like to offer that you are not currently offering? Mr. Alston: “We are always looking for products and services that meet our customers’ needs. One of the services we will be adding this year is the ability to add an entire year’s checking account activity including statements and images of items front and back all on one CD. When you get to the end of the year and you get ready to do your taxes, it would be much easier to buy a CD with all your activity on it and send it to your CPA.” CEOCFOinterviews: It seems you are on the cutting-edge in making use of technology. How important is that for you? Mr. Alston: “We think adaptation of technology is one of the most important things we can do and the bank has been in the forefront of technology prior to me coming here. We had one of the first drive-ins in the state and one of the first automated teller machines. Technology is ever-changing and so must be our use of it. This week we are turning on a switch to add Spanish language to our telephone banking. We have enhanced our Internet banking, and in particular enhanced the cash management software, which is online for our business customers.” CEOCFOinterviews: Any new branches coming up? Mr. Alston: “We broke ground last week on a new Mirror Lake facility, which is in Douglas County, Georgia. It is a 5,600 sq. ft. stucco building with a lodge like atmosphere, which will be completed this fall. We will continue to provide the personal feel of community banking in a real state-of-the-art facility. Customers in this location will be greeted by a concierge who has been cross-trained for all banking needs. This location will also be our first to feature some new branding tools that we will be using throughout the bank, and we will have biometric access to the safe deposit area. Teller services will be provided through a remote teller system. Customers can also enjoy a cup of coffee from the self-serve refreshment bar.” CEOCFOinterviews: What is the Remote Teller system? Mr. Alston: “The new Mirror Lake office is located near Interstate 20. While the area is upscale, its proximity to the interstate makes it have a higher propensity to be a robbery target. The remote teller system is a relatively new concept in this area, every time you walk to the teller or drive up to the teller window, you will see, face-to-face the teller via closed-circuit television, the teller that is waiting on you, and you will be able to talk to him or her. Instead of being in the fourth lane and not knowing which person in the drive-in is waiting on you, you will know. It is also more secure for the people who work there." CEOCFOinterviews: Do you see the need for further branches and do you have a branching plan? Mr. Alston: “We have a plan and we are looking for another location to complement the one we have in Douglas, Georgia." CEOCFOinterviews: Are most customers taking advantage of a variety of services, and how do you encourage your customers to use more of your products and services? Mr. Alston: “We try to tie things together; as an example, every bank has consumer loans and we will give our loan customer a quarter of one percent off if he/she will allow us to draft his/her monthly payment from a West Georgia National Bank deposit account. We have cross-sell monetary rewards for Customer Service Representatives who open accounts but we also attempt to show customers the benefits of having the multiple services that we offer.” CEOCFOinterviews: How has this low-interest time affected WGNB? Mr. Alston: “According to U.S Banker Magazine, we are the 16th highest performing, publicly traded financial institution under one billion in assets in the nation. Over a five year period, our return on assets has averaged 1.52% while our peers averaged 1.31%. The company’s five year average return on equity is 16.35% and our peers are 13.63%. Over the last five years, dividends have increased an average of sixteen percent a year and continue to do well. Our management of the balance sheet has enabled us to maintain an excellent interest rate spread.” CEOCFOinterviews: What do you look for in new employees besides banking expertise? Mr. Alston: “They have to have technical skills for the job, but we also measure them against the standards and expectations that I expressed earlier. We look for people who are going to fit our culture of service excellence and family values. That is where we find out if the rubber meets the road or not.” CEOCFOinterviews: Will you tell us about the community involvement of the bank? Mr. Alston: “The Bank’s contribution is in excess of a hundred thousand dollars a year to local charities. In addition, our employees each pay two dollars a month for the privilege of dressing down logo attire. Those funds go into an account and the employees get to decide which charities will benefit from the money raised. All of our officers and staff are encouraged to be involved in their choices of community involvement activities.” CEOCFOinterviews: How do you compete with the smaller banks? Mr. Alston: “We have had several startup banks in our area over the last few years; at least three or four. One of the problems they have is funding. Being a long-term older bank, we have lots of core deposits that help us. We have a loan portfolio, which we can utilize to borrow money. Most startup banks do not enjoy that, and they are starting at a time when rates are historically at the lowest point ever, so their margins suffer more than ours. They are good competitors but they do not offer the wider range of services that we have. We have shown we have staying power and we are here for the long-term while most of those banks start up and sell in three to five years. Many customers are not duped by the fact that a new startup bank is trying to get their business.” CEOCFOinterviews: Will you tell us about your new bank president and how he will help the company move forward? Mr. Alston: “Our new bank President is H.B. ‘Rocky’ Lipham, III, and he has been with WGNB for 10 years. Rocky epitomizes the kind of people that we would want to work here. He has a deep commitment to maintaining a genuine care for people. Treating customers and employees better than any other bank has yielded profits above that of our peers throughout our company’s heritage.” CEOCFOinterviews: In closing, why should potential investors be interested, and what should they know that they might not realize when they first look at the bank? Mr. Alston: “I
think that we are truly a company with a heritage of excellence and a future of promise.” |
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