Drop and give me a twenty. Dickinson Financial is the holding company for SunBank, Southern Commerce Bank, and three military banks: Armed Forces Bank, Armed Forces Bank of California, and Academy Bank. SunBank and Southern Commerce Bank have about a dozen branches apiece in Arizona and Florida, respectively. Academy Bank has more than 50 locations in Colorado; the other two military banks have about 60 locations on or around military bases in nearly 20 states. Many of Dickinson's banks are located within Wal-Mart stores. The banks offer traditional deposit and lending products such as savings, checking, money market, and retirement accounts, loans, mortgages, and CDs.
Commercial real estate loans (including construction, development, and farmland loans) make up a majority of Dickinson Financial's loan portfolio. Residential mortgage, business, and consumer loans make up the remainder. Like many of its peers, the company has seen an increase in loan losses, particularly in Arizona, California, and Florida, which were hit hardest during the housing bust and ensuing economic downturn.
To raise funds, Dickinson Financial sold most of its Bank Midwest's operations, including 38 locations in Kansas and Missouri, to NBH Holdings in 2010. As part of the deal, Dickinson held on to Bank Midwest's bad loans (since transferred to Armed Forces Bank) and its 25 locations inside Wal-Mart stores. The company also had a deal in place to sell Southern Commerce Bank to NewStar Financial in 2009, but the buyer later terminated the transaction after concluding that it would have difficulty integrating the acquisition.
Dickinson Financial is focused on attracting new clients and building its in-store banking strategy. It is extending access to its service call center, which is available 24-hours-day, every day of the year and is launching new mobile banking applications.
The Dickinson family owns and runs Dickinson Financial. – less
3 salaries reported
$10.21 per hour