FirstBank is fortunate because the top four banks in its market are not local community banks. This gives the Bank an advantage in local relationship-based banking and customer loyalty for being a local business. The same customer base also relies on a local bank to provide quality products and services like the big national banks. FirstBank stays on the leading edge of technology which helps portray a big bank environment and provides all the products and services offered by the big banks. To remain competitive in banking in the foreseeable future the bank will have to continue to invest heavily in Technology. The younger generation is technology driven and expects the bank to come to them versus them visiting the bank. The major up
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Figure 3 depicts FirstBank as sixth in the Lubbock market with 6.92% of the market, which consists of 25 institutions.
Market growth in Lubbock remains moderate but steady. The Bank experienced at .33% increase in Market share from 2014 to 2015 increasing from 6.60% to 6.92% respectively. Of the top six competitors in figure 3, FirstBank’s primary goal is to overtake Lubbock National Bank in fifth place. Besides Lubbock National Bank, there is no other community banks in the top six. This lends an advantage to relationship banking in the market place due to the top players being big national banks.
Figure 4 represents FirstBank’s market share in its outlying Lynn, Scurry and Mitchell counties.
FirstBank exceeds half the market share in Lynn County with 54% and the goal of purchasing The First National Bank of Tahoka to obtain an addition 36%. Scurry and Mitchell counties are somewhat different due to FirstBank acquiring the two branches in those counties. The Bank plans to grow its market share considerably in Scurry and Mitchell counties after letting the dust settle from the acquisitions. It plans to accomplish growth through marketing pushes, staff additions and enhanced products and services than is offered in the
Figure 3 depicts FirstBank as sixth in the Lubbock market with 6.92% of the market, which consists of 25 institutions.
Market growth in Lubbock remains moderate but steady. The Bank experienced at .33% increase in Market share from 2014 to 2015 increasing from 6.60% to 6.92% respectively. Of the top six competitors in figure 3, FirstBank’s primary goal is to overtake Lubbock National Bank in fifth place. Besides Lubbock National Bank, there is no other community banks in the top six. This lends an advantage to relationship banking in the market place due to the top players being big national banks.
Figure 4 represents FirstBank’s market share in its outlying Lynn, Scurry and Mitchell counties.
FirstBank exceeds half the market share in Lynn County with 54% and the goal of purchasing The First National Bank of Tahoka to obtain an addition 36%. Scurry and Mitchell counties are somewhat different due to FirstBank acquiring the two branches in those counties. The Bank plans to grow its market share considerably in Scurry and Mitchell counties after letting the dust settle from the acquisitions. It plans to accomplish growth through marketing pushes, staff additions and enhanced products and services than is offered in the