Approve Service Agreement with Farmers Bank for Pilot Program and Proposed Success Measurement Criteria:

Staff recommends that the Board approve the Service Agreement with Farmers Bank
and the Success Measurement Criteria contingent upon the Staff Attorney’s approval of contract language (Service Agreement will be provided prior to or at the Board Meeting).

The Service Agreement provides that it may be terminated with thirty (30) days’ written notice with no penalties or charges for either party. It also notes that each party will maintain insurance coverage. According to Charles Hamilton, the Board’s agent, our coverage would include operations such as those at the East Branch. Finally, the Agreement provides that FPB employees working at the East Branch must adhere to Farmers’ dress code and complete any security training required for bank employees.

Success Measurement Criteria:

Look for increases in the number of customer payments at the branch bank above what the branch normally accepts each month.



Look for decreases in cash payment and walk-in lobby traffic at the Downtown Office.



Demonstrations, payments, billing inquiries and account set-up to average 10 per day in April, 15 per day in May and 20 per day in June.



Marketing will measure customer visits on Friday after 4:30 p.m., Saturday hours and paydays on the 15th and 30th of the month and determine whether patterns are obvious.



Marketing seeks to raise payments taken in the branch previously by 5% in April, 10% in May and 15% in June (example – 100 payments previously – 105 payments in April, 110 payments in May and 115 payments in June)