1st Colonial Community Bank

5 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 3 their situation and believes in their business is important,” White says. “It’s not always just about the numbers.” One example of understanding and anticipating a commercial client’s need is educating them on why equity is more important than debt, or the different types of debt that are available that they may want to consider given the current financial environment. Currently, that environment is one of high- interest rates and inflation. White calls it “unique” because unemployment is also low. He believes the key is to stay in regular communication with customers because they will often have more questions during times of uncertainty. The goal of the U.S. Federal Reserve in raising interest rates is to tame inflation, and there are strategies that customers should consider whether they are borrowers, savers, or both. “Whether you own a business or are running your household budget, many customers are seeing a meaningful negative impact from rising interest rates,” White says. “That is forcing businesses and households to make difficult decisions.” Those decisions, he adds, often include delaying a large capital purchase or even a dream vacation. “We want to keep our customers educated on the current trends and what that means for them.” The supply chain is improving month by month in many industries but it is still far from pre- pandemic levels of efficiency. This is particularly true in the construction sector, where 1st Colonial is a major player with its commercial clients. Many construction firms are having a tough time obtaining the materials they need, which delays certain projects. Electrical transformers in particular have been a challenge to acquire since early 2020, White says. A challenge that is even closer to home is the labor market, which impacts most of 1st Colonial’s commercial clients and the bank itself. Here again, communication is key, White says. He and his executive team are making a concerted effort to recognize and reward its highest-performing team members. The bank is doing so by offering not just salary increases, bonuses, and more benefits but company stock options and grants to support the best of the best. 1st Colonial instituted a pay scale evaluation process for all positions in 2022 to make sure it was paying a competitive wage for all of its deserving professionals. It has also created a hybrid and flexible work arrangement for many of its associates based on employee demand, allowing many to work from home when feasible. Finally, employees now are able to benefit from unlimited leave time in case of an advanced illness such as COVID. This allows them to recover without exposing colleagues to an illness that may be contagious. Plus, it allows employees to maintain the time off they need for vacation and other family functions. As a community bank, 1s Colonial does seek to make a profit, but it also supports many EXPERIENCE INTEGRITY COMMITMENT TO CLIENTS SINCE 1975 www.maddenmadden.com 108 KINGS HIGHWAY EAST, HADDONFIELD NJ 08033 | 856.428.9520 * Rated “AV” by Martindale-Hubbell Law Directory - Highest-rating attainable. * Certified by Bar Register of Preeminent Lawyers for high professional legal standards and ethics. EXPERIENCE | INTEGRITY | COMMITMENT SINCE 1975