Battle of the Banks

Sep 7, 2008

In the peaceful desert landscape near Deer Valley Airport, a storm cloud has been brewing for the last two years. The air has grown heavy with anticipation as 9 different opponents prepare to do battle. They have chosen North Phoenix as the arena, and it's going to be one heck of a fight.

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
Copper Star Bank
Home National Bank
Home National Bank
Compass Bank
Compass Bank
First Fidelity Bank
First Fidelity Bank
First Community Bank
First Community Bank
Johnson Bank
Johnson Bank
M&I Bank
M&I Bank
Comerica Bank
Comerica Bank
Wells Fargo 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, OneAZ 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!

2 comments:

Anonymous said...

I work at Arizona State Credit Union and was interested to find North Phoenix Blog. Of course I have noticed the number of banks moving into this area and was interested to see that someone else had noticed as well. You can add the small lobby branch of Arizomna State Credit Union to your list of financial institutions. Local residents can come in the front door and visit a mini-branch right inside. The remainder of the building is used for the Credit Union's administrative offices.

I was very impressed with the quality of the writing and the topics covered in past posts. I live in North Phoenix as well and am always interested in news about the area.

Thanks North Phoenix Blog, I look forward to more interesting information about this part of the Valley.

Admin said...

Thank you for your comments! I am actually a member of AZSTCU myself and I love the way they do business. I will have to check out the lobby branch sometime!

 

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