A conversation with Five Star Bank President and CEO James Beckwith
The past four years have been an economy unlike any other in American history: booming growth, followed by an economy-devastating pandemic, and now growth – albeit slower and shakier – once again. What business principles, through it all, have endured?
For James Beckwith, president and CEO of Five Star Bank, one business principle in particular stands the test of time: “It’s really focusing on relationships. The relationships you have with your customers, and also the new customers, the relationship you have with prospects.”
In addition to keeping the very human side of business human, logistically, according to Beckwith, “if the pandemic taught us one thing is that we’re not constrained. We can do business anywhere, as long as we have a Surface Pro, a Tablet, and we can connect to Wi-Fi.”
Other topics covered in this half-hour discussion with NFIB California State Director John Kabateck included why the March banking crisis fizzled and why Beckwith’s Sacramento-area bank is making moves into the San Francisco market.
With the March failures of Silicon Valley Bank, First Republic, and Signature, many had predicted a wider, deeper crisis to come. But it did not. “What really happened is the federal government, through the FDIC, stepped in and calmed the waters,” said Beckwith, who credited the teamwork with the banks themselves for staving off worse troubles.
Two of the banks were centered in San Francisco, leaving that city in the lurch and presenting an opportunity for other financial institutions to fill the void. “Businesses need help down there and we’re going to be there to help them,” said Beckwith of his Sacramento-based bank. And Five Star Bank plans to help by taking its trademark first step: building relationships.
Click the arrow below to listen to Five Star Bank President and CEO James Beckwith and click here for a list of all past NFIB California Podcasts.
