Okay, so maybe it's not a fight in the traditional sense with guns and soldiers. But the competition for your business will be fierce with 9 new banks opening along a two-mile stretch of road. That's right; nine different banks have locations staked out along 19th Avenue between Deer Valley Road and Happy Valley Road. All of them are brand new locations constructed within the past two years. Let's take a look at the contenders:
Copper Star Bank
Home National Bank
First Fidelity Bank
First Community Bank
Wells Fargo Bank
What's the deal here with the explosion of banks in the area? Is our little corner of the valley large enough to support nine banks? Will the nationwide banks use their vast resources to crush the smaller, independent banks? There's no telling what might happen with this many financial institutions crowding such a small area.
Maybe we'll see a bidding war on interest rates, or outrageous perks like a free massage when you open a new checking account. Hey, I'd consider signing up just for that! I'm hoping for some crazy promotions and deals when all of these banks are desperately competing with each other to attract new customers. That little dish of candies on the counter might not be enough when the bank across the street has free coffee for its customers. Only time will tell who's strong enough to survive the battle for membership.
I should mention that the playing field is not occupied exclusively by banks. For instance, Arizona State Credit Union has moved its main office to a new high-rise building at 23rd Avenue and Pinnacle Peak Road. The five-story facility is highly visible from the freeway and if the brand-spanking-new building is any indication of the credit union's health, I'd say those banks are up against some serious competition. Rest assured that if things start to get crazy around here, you can count on me, your friendly North Phoenix Blogger to bring you the real story!