By Anjana Kallarackal
There are many commercial banking options for business owners in our state. To stand out, these institutions must offer more. More banking services. More personalized service. More investment options, etc. Georgia Primary Bank excels at all these amenities, but it also focuses its attention on community involvement.
Georgia Primary Bank was founded in 2007 by a dedicated board of directors which largely remains intact today. The founders recognized a need for a local bank to serve the Atlanta community. Mani Swarnam, Senior Vice President and Commercial Team Lending Leader, gave a broad overview, explaining, “We are focused on providing banking services to family-owned and privately held business enterprises … in our communities.”
As with most community banks, Georgia Primary Bank takes in deposits locally and lends locally. As Swarnam emphasizes, “That is the distinction between larger banks and community banks. Community banks are part of the fabric of the community we serve, in its truest sense.” With about 4,000 customers, the community is local but not diminutive, with average loans approximating $1 million. The bank also has a reach that extends throughout metro Atlanta and works with businesses as varied as phone accessory companies, professional services, law firms, healthcare, manufacturing, and real-estate investors, amongst many others.
Local Service
With 17 years of history behind them, the bank has endured its share of trying times. Soon after its founding in 2007, Georgia Primary Bank faced the global recession that began in 2008, and then, just over a decade later, the global pandemic hit. The Paycheck Protection Program (PPP) was established by the federal government to keep businesses from failing. The queues for requesting those loans often were lengthy, and people began to look for alternatives when larger banks didn’t have the bandwidth to address everyone’s needs.
As Swarnam put it, “It’s times of stress when communities and businesses recognize the value of having a banker who knows them.” This period prompted many small businesses to reach out to community banks, including Georgia Primary Bank, bringing in many new customers who have stayed on with the bank. Jan Smith, Senior Vice President and Commercial Relationship Manager, shared that during the pandemic, “We ended up with 450 different clients that we helped with that program, and [PPP] was probably the most impactful thing I’ve personally ever done in banking.”
Setting Themselves Apart
The main thing that sets Georgia Primary Bank apart from other banks is its people. As Swarnam describes it, “We’re a small organization with about 40 employees speaking nine languages, creating a diverse and nimble group.” Another important differentiator for the bank is to always remain accessible at all levels. If someone were to walk through the front door and ask to see the CEO and President, if he is available, he would be happy to oblige. His door is always open.
Swarnam added, “From an employee standpoint, as bankers, we have the drive to serve our customers/clients to help them succeed in their ventures.”
As further indication of their capabilities, Georgia Primary Bank is a Small Business Administration (SBA) Preferred Lender. Swarnam explains this means the bank has “done enough SBA loans, for a long enough time, and has done it well [enough], where the SBA gives you the ‘preferred’ status to do a lot of the process in-house. This results in quicker decisions made by the bank.” The SBA is the federal agency which provides counseling and capital assistance for small businesses across the nation.
Community Involvement
Espousing a more holistic approach to supporting the local economy, Georgia Primary Bank also supports the community through education initiatives of its own and by connecting businesses with useful resources. Traci Newman, Senior Vice President and Commercial Lender, shared that “Kennesaw State has a great center where they help small businesses and give them guidance and resources. Sometimes we recommend [they] go there and get free assistance from the college and come back to us with a more professional package.” The bank also has sponsored many seminars at KSU to educate small businesses on important topics such as how to write a business plan and how to successfully apply for a loan.
Georgia Primary Bank’s community engagement extends beyond financial services, however. The bank also is committed to serving the community through an initiative called “Bankers for a Cause” through which the bank has its employees volunteering bank time at several non-profit organizations in the communities, such as Helping Mammas, Meals on Wheels, and Blue Heron Nature Preserve, to name a few. They also have volunteered with the Sandy Springs Community Assistance Center, and they continue to explore ways to improve financial literacy in the community. Every Christmas, they encourage employees and customers alike to donate to Toys for Tots, helping to “build a sense of well-being for the community,” as Newman puts it.
Better For Small Business Owners
A community bank is a great option for small- to medium-sized businesses. One misconception about local banks is that it is difficult to access services when there are few brick-and-mortar locations. But, with the improved use of banking technology, customers can access many services remotely. Community banks are optimal for business owners looking for a more personalized banking experience and loan application process, without doing away with the ease of advanced technologies. Employees of the bank, like Swarnam, review loan applications and have the authority to make an assessment quickly.
The basics of issuing a loan are the same in that one must be able to demonstrate the capacity to repay a loan. However, the major differentiating factor is the responsiveness and attentiveness of the decision makers, and the heightened speed of decision-making because of the flat-line management structure of a community bank. As Swarnam puts it, “We are actually making a difference in a small business, in someone’s financial lives, in a meaningful manner.”
For Swarnam, what drove him to work in community banking is the close, one-on-one relationships he has with customers. Every customer who walks into Georgia Primary Bank is known by name. Smith also highlights that many of their customers were referred by other customers, saying “When you get those, that means you’re doing something right.”
Georgia Primary Bank’s Growth
In Cobb County alone, Georgia Primary Bank has done some $40 million in loans, and this number continues to grow. They also are actively involved with the Cobb Chamber, the East Cobb Business Council, Northwest Area Council, East Cobb Lions Club, and several fundraising activities. And while Georgia Primary Bank does not yet have a physical branch in Cobb County, they do have a strong presence in the community and may one day expand if the opportunity presents itself.
According to Swarnam, despite inflation and interest rates being higher than they have been in the last few years, 2024’s economy is holding up well. Regardless of the economic shifts, loan demands have remained healthy. And if previous downturns in the economy are indicative of the value-add of a community bank, now more than ever, Georgia Primary Bank can meaningfully contribute to the economy of metro Atlanta through its strong emphasis on personal relationships, efficient decision-making, and commitment to the community.
