EXECUTIVE DIGEST OF THE BOARD PACKAGE
February 2006
5.
Approve Co-location of Customer Service Department within Farmers Bank:

Staff recommends that the Board approve the development, staffing and operation of a FPB Customer Service Satellite Office located at the Farmers Bank – East Frankfort Branch on Versailles Road. In the fall of 2005, Farmers Bank approached Staff with the idea of co-locating FPB Customer Service personnel in a branch office. While some details are pending, Staff is Seeking the Board’s approval before moving forward on the project. FPB proposes to Staff the position with existing CSR personnel through the remainder of this fiscal year. Staff will add a new position in Customer Service to fill the position moved to the bank. The target date for staffing the location would be April 1, 2006. Additional unbudgeted Payroll with benefits and overtime are estimated at $5,000 for the remainder of this Fiscal year. The benefits in this arrangement for FPB are:

  • Established high traffic location that is easily accessible
  • Location outside of downtown
  • Expanded hours on Friday
  • Saturday hours for the first time
  • Low start-up cost (equipment - $20,000, unbudgeted payroll $5,000 Total $25,000)
  • Free Rent
  • Partner with company that has a vested interest in FPB’s success
Generally speaking, each company would agree to:
  • FPB would staff the lobby office during normal lobby hours to include late Friday afternoon and Saturday morning hours.
  • FPB Staff would assist customers with billing issues, payments, Product ordering and product demonstration.
  • FPB would furnish equipment necessary for product demonstration
  • FPB would be responsible for CIBS and FPB phone connection
  • Farmers Bank would offer demonstration area, office space and furniturewithout charge.
  • Farmers Bank would allow for the security and safe keeping of FPB customer payments made at the location.
  • FPB and Farmers Bank would share equally in collaborative marketing efforts in the Community.
  • FPB and Farmers Bank would mutually agree to “walk away” from the arrangement without harm.