Game Show Bankers

You may remember the popular game show, Let's Make a Deal where Monty Hall would ask contestants if they wanted the prize behind door number 1, 2, or 3.  Sometimes they won the big prize...sometimes they didn't.  It was a guessing game.

Recently, I had a client who wanted to move his banking relationship from his current bank, so I worked with him as he interviewed three bankers to choose a new one.  Although my client now knows more than the show contestants did about what lies “behind each curtain,” in the end, I asked him to choose: Would he like the banker behind Door number 1, Door number 2 or Door Number 3. Wanna play too?

Door #1

This banker invited my client to lunch.  The banker included one of his co-workers and me.  We had lunch at a nice Italian restaurant, so the meeting involved good food (nice).  It was on neutral turf and didn’t feel like a meeting because the banker and client spent time getting to know each other.  At the end of lunch, the banker communicated an interest in providing what my client needed, and about 5 days later provided a letter of intent with terms similar to those discussed at lunch.  This banker also offered free company and personal banking to my client. Would you choose the banker behind Door #1  (Hmm…Maybe? Probably?)

Door #2

This banker wanted to meet my client at the client’s office.  The banker brought a co-worker.  Because the meeting was at my client's office, my client had home field advantage, but the bankers seemed totally comfortable with that.  The meeting was the typical getting to know you, the client told his story about the business, the bankers asked questions and my client gave answers.  At the end of the meeting, these bankers also expressed interest and about a week later provided a letter of intent with very attractive pricing and terms.  The banker again came to my client’s office and this time brought a cash management product specialist to discuss the company's deposit needs.  Would you pick the banker behind Door #2? (Hmmmm. Nice Banker. They come to me.)

Door #3:

This banker invited my client to the banker's office.  My client showed up to be greeted by the banker, a co-worker and the credit guy.  I'm glad I was there to support my client.  The bankers had home field advantage and outnumbered my client 3 to 1.  The meeting lasted for two hours. My client felt interrogated and intimidated.  Door #3 banker sent me an email stating that he had more questions and wanted to know if he could call the client directly.  I said, “Go for it.”  Five days later: No expression of interest, no letter of intent and more questions.  So, would you pick the banker behind Door #3 (hmmm... Probably not.  No, definitely not.)

Lessons learned by my client:

Some bankers want to entertain first, and then get down to business (nice touch); Some bankers are comfortable giving the client home field advantage, some aren't. Some bankers ask questions, some interrogate.  Bottom line: Be ready for anything, Italian food or Gestapo interrogations.

So which door did you pick?  Check back tomorrow to find out which my client chose and why.

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