02/16/2025
All:
I have decided to start the search for a new bank, both for myself and for the firm, and I am looking for recommendations.
I know that this will be a long, tedious process, but I have been with Sandy Spring Break for over a decade now but,they are in the middle of a merger to become a big bank, and have announced that they are letting all of the people that I have banking relationships with go. That's a clear signal that the bank really doesn't care about its small business clients anymore, and just wants to jump on the banking bandwagon of squeezing profits out of its customers.
I have said this many, many times, but individuals and small businesses should NEVER trust a big bank with your money. Ever. BofA, Chase, Citi,Navy Federal, Wells Fargo, PNC... all of them are absolutely horrible to their small business clients, and they all regularly get caught outright stealing from their customers.
I'll give you an example: when we were in the Pandemic, and the government announced the Payroll Protection Plan loans, most of the big banks opened a portal for their small business clients to apply for the loans, and then told most of them that the funds were gone within a day or two - gone to bigger companies ripping off the system.
Meanwhile, my banker at Sandy Spring called me at 8 pm on Sunday night before their portal opened and walked me through my application so that it could be automatically submitted first thing the following morning because she knew there was going to be a shortage of funds and that her small biz clients were going to get squeezed out. THAT'S the level of over-the-top service that has made me so loyal to Sandy Spring. But, with their recent merger, there is no room for that kind of service. It will be more profitable to screw us over and there won't be much I can do about it.
So, since she, and all of the other people who took care of me at the bank are going to be tossed out, and my future will be one of "I'm sorry, that's our policy" and "You can call our 800 number," it is time to make a change. I need a bank that needs me and my clients as much as I need them.
So... TLDR - looking for a small, community bank for myself and my firm, and that I can recommend to my business clients.