Does bank culture really matter?
Gallup tells us that if you have an average amount of disengagement, it will rob $3,400 from your bottom line for every $10,000 of payroll.
So YES, culture is a big deal.
The coming bank consolidation has been predicted for years. In fact, the next 18 months are destined to be a major “shake out” period when weak banks will be acquired or closed—and banks who are in a position to capture the best customers in town will become stronger and more profitable.
If a merger or acquisition opportunity like this landed unexpectedly in your lap…would you be ready?
Most banks wouldn’t be. Unfortunately, they’ll suffer years of pain, lost productivity and even reputational damage from what was previously viewed as the opportunity of a lifetime.
Here’s what I know from decades of guiding banks through mergers and acquisitions: You have no business doing an acquisition if you’re not ready.