21 September Q&A: BofA market president positive on Jax region September 21, 2018 By Laura Pavlus General banking, economics, Northeast Florida 0 Jacksonville Business Journal - September 21, 2018 - by Junior Skepple - read full article here The Business Journal spoke with Greg Smith, the market president of Bank of America, about the state of the banking sector in northeast Florida and how digital banking has impacted the industry. What is the state of the banking industry in Northeast Florida? We are in a very good spot. After the recession in 2008, and the recovery started in about 2010 and the economy of Jacksonville has benefitted from that. The area is very healthy: You look at the unemployment rate and new businesses that have been attracted here by JaxUSA Partnership – we have a very strong economy so that means that the banking business is healthy. All the banks over these last years have built up their capital positions and have continued to focus on lending. Our company focuses on our responsible growth strategy where we continue to lend and put money back out to businesses and the consumer side in a responsible way. The banking Industry has changed locally with fewer community owned banks. How has that impacted customers and how do you see this dynamic between community owned and national banks continuing to develop? There is always going to be a place for both. There are difference niches and needs that both can serve, but the one big trend for both types of banks is digital banking. Digital banking changes how the customer experiences banking. A customer can do so much more banking now on their mobile phone and that is a place where Bank of America puts a lot of investment. The banking industry has been the subject of some big headlines in recent years. Do we have these issues here in Jacksonville? I really like the Jacksonville banking landscape and community. I don't see that we've had those issues here. If you harken back to 2008, the whole industry took a very big hit, and everyone has been building out of that and rebuilding their brand and community outreach. I see all the banks engaged in a positive way in the Jacksonville, Northeast Florida community. The headlines and things that impact us more broadly, I have not seen that type of negativity in our community. What do you think about the rise of digital currencies like bitcoin and its impact on the financial industry? Bitcoin is interesting, but there is a lot of speculation and I think adopters need to be careful. That's the only thing I would caution people to be thoughtful about the uncertainty. We think that we have solutions in the banking industry that really can handle this niche. Related Clay County Business Owner, Amy Pope-Wells, Participates in Roundtable with President Trump Amy Pope-Wells, successful Clay County business owner of Link Staffing and Tira Diva, joins women small business owners at a roundtable with President Trump and Vice President Pence. Jacksonville's Office Market Benefited from a Strengthening Economy as Job Creation Continued "With a growing population and a strengthening economy, both national and local businesses look to Jacksonville as a top-tier market for operations," said Colliers, which represented Gramercy Woods in the Aetna transaction. Aundra Wallace Named President of JAXUSA Partnership Aundra Wallace will be the next president of JAXUSA Partnership, the economic development arm of JAX Chamber. JAXUSA is a private, nonprofit division of the Chamber that oversees economic development in Northeast Florida, working with regional and state partners to create jobs and generate investment. NE Florida Industrial/Office Markets Strong in First Half of '17 Jacksonville's commercial real estate statistics show that both industrial and office properties have produced significant net absorption and strong leasing activity in the first six months of 2017, according to data maintained by Cushman & Wakefield. Just south of Jacksonville, Clay County continues to offer a selection of properties with tremendous cost savings and a readily available talent pipeline. Clay has stake in region’s new economic plan Officials at the JAXUSA Partnership Regional Economic Development Forum brought the public and private sector together to discuss how Duval County and its six surrounding counties can handle an incoming burst of economic growth. Clay County is a member of JAXUSA Partnership, the economic development arm of the Jacksonville Chamber of Commerce. Avalanche Consulting, an Austin, Texas-based economic growth consulting firm, prepared the report outlining a five-year plan on how to handle the growth. Kid Market Teaches Students Entrepreneurial Skills The market is a project that spans months, teaches students about finances and allows students the chance to open and operate a business. And it’s not just simple finances either. Students learn about supply and demand, interest rates, loans and profit and loss. It all begins by developing a full-blown business plan, including a business name and logo. Showing 0 Comment Comments are closed.