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• W181921531 abstract "HOW many fee-income-hungry bankers have wished for a new product or service that would become the proverbial license to print money? Tom Sullivan is an experimenter, and he has tried a number of new fee-based businesses in recent years. His five-bank holding company offers real-estate brokerage, for instance, and owns an appraisal firm and a title company. Sullivan hasn't found that elusive goal of printing his own money yet, but he's guided his bank through a notable effort, nonetheless, that's the closest a bank can come to it: armored-car Backing into the business In the mid-1990s, one of the subsidiary banks of Sullivan's $774.9 million-assets Firstbank Corp., Alma, Mich., acquired two branches from a statewide bank. two locations were still under contract to a large armored car company. pricing that the carrier obtained for serving the two branches percolated up to Sullivan, who is president and CEO of the corporation and of Firstbank, Mt. Pleasant, Mich. was ridiculous, says the 31-year banking veteran. Some people might have left it at that, but not Sullivan. He began to think, why couldn't we do it ourselves? service is something that you never really think about today, explains Sullivan. emphasis now is on higher-tech ventures such as online banking. Besides, many bankers have a white collar, viewpoint of the kinds of things their institutions should do. Yet people still use plenty of bulky cash and currency. Beyond cutting costs, Sullivan then thought there might be money to be made by serving the armored car needs of other institutions as well. Over more than six months, company staff began exploring the idea and all of its ramifications. There were personnel and equipment issues to consider--people authorized for and trained to carrying weapons would be needed, and specialized vehicles obtained--plus a slew of risk-management points to be addressed. Armored car service differs from service. Courier work typically involves documents and non-negotiable items, such as checks being transported, whereas armored car services, while they handle such items as well, are set up to carry cash, coin, and other readily negotiable forms of exchange. (Some banks offer pickup of business customer deposits, and that is also referred to as courier service.) Armored cars are literally armored and reinforced, while courier service can be provided using less-secure vans. was quite a long time before we got comfortable with this, says Sullivan. thought of someone carrying a gun in the bank's name was sobering, as was the possibility that someone might attempt to rob a crew of its cargo. An armored car guard with another company was recently killed in a Detroit incident, Sullivan notes. bank and its law firm checked out the legality of the idea in Michigan. It turned out that a subsidiary of one of the banks could offer armored car service, under state law. There was much more to investigate, however, before the bank could commit to the concept. For instance, Sullivan found that the bank couldn't obtain appropriate liability insurance and bonding directly, in the United States, for this activity. Firstbank soon found itself seeking coverage with Lloyd's of London. Finally, in the spring of 1995, 1st Armored, Inc., a subsidiary of Firstbank (West Branch), opened for business. Its full complement consisted of one full time employee, two part-timers, one armored van, and an office in West Branch. name was chosen to accentuate that the operation is not covered by FDIC insurance. Promotional materials carry this disclaimer: The products, goods or services offered by 1st Armored are not covered by the FDIC or guaranteed by any bank. Only the assets of 1st Armored are available to satisfy the obligations of, or any contractual claims arising in connection with, the operation of 1st Armored. …" @default.
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• W181921531 date "2004-04-01" @default.
• W181921531 modified "2023-09-26" @default.
• W181921531 title "Making Money Moving Money: Dissatisfaction with a Vendor's Prices Ushered a Michigan Community Bank into the Armored Car Business" @default.
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