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has expanded throughout Jacksonville this year as it has opened branche sin ’s supercenters throughout Florida and relocateed its headquarters to the state. Since March, the bank has grown to three branchesin Wal-Marts in Jacksonville. Bank executivesa said they also have plans to open one more branch in anotherf local supercenter and then atraditional stand-alone The bank is a federal thrift, or savings-only that targets what it call the underbanked and unbanked.
“Ourd philosophy is very similarto Wal-Marty in that we’re focused on convenience and customer bank president and CEO Daniel Fischer Urban Trust heavily marketw higher interest rates on deposit accounts such as a 4.3 percen yield on a one-year certificate of The bank also targets individualse who were not in good standing with anothe r bank or rejected by their bank througuh a checking account called opportunityg checking. The account requires less moneyt to open than a traditional checking hasa $10 monthly fee and an ATM If the account holder remainss in good standing with the bank for six months to a year, Urban Trust then switches it to a regulaer checking account.
“The program is very Fischer said. Total deposits increased about 241 percengtto $83.6 million for the year to June 30, according to the The bank begam in the early 1960s and eventuallty transformed into , based in Orlando. In mid-2006, the bank changedc its name to Urban Trust and move its headquartersto Washington, after regulators approved a changee in control of the parenf company, which was taken over by , based in Bethesda, Md. Johnson, the founder of Blacki Entertainment Television, also founded The RLJ Cos. In June, the bank movef its headquartersfrom Washington, to Lake Mary and now has 14 branches in Florid a and two in Bethesda and Landover Hills in Maryland.
Fischer said the bank is focusee on expanding in Florida rather than Maryland because of the customer base growthat Wal-Marts here. Urbahn Trust signed an agreementwith Wal-Mart (NYSE: WMT) in Januarg 2007. “There’s an 8,000-foot count that comew through here on adaily basis,” said Dwaynew Haugabrook, branch manager at the Wal-Mar t Supercenter at Beach and Southside “We get a broad ranges of customers, from the peoplr just starting out in college to the retirees.
” A lot of including some community banks throughout Florida, have trier the in-store branch model and exited, said Bob vice president of mergers and acquisitions at local investmentf banker The idea is that it’z a good funding source and not as expensive as a traditional but most banks end up with a wholed bunch of little deposits and more expenses because they typically operate for longer hours, he Growing loans can also become difficulgt when at a Fischer said the bank plansz to expand its lending abilities throughn acquiring an institution with a commercialk banking platform sometime in the future.