Overview
Tony Nuzzo, Chairman, President, Chief Executive Officer and primary organizer of First Commons Bank believes strongly that the new bank’s purpose should be to minimize or eliminate the primary causes of consumer dissatisfaction with the big banks.
Based on Mr. Nuzzo’s innovative vision, the First Commons Bank mission is to:
- Provide superior customer service to clients using knowledgeable, experienced professionals
- Eliminate all illogical policies and procedures for bank clients
- Make quick loan decisions onsite by Bank officers using established policies
- Use the most advanced technologies to give clients access to their money anywhere and at anytime
Unacceptable customer service
The present teller transaction model leaves clients standing in line, being passed from person to person, and with few knowledgeable resources for guidance. First Commons Bank solves this problem by enabling visiting clients' to consult with knowledgeable representatives and make quick transactions using the bank’s unique technology. The bank does not employ tellers or use teller’s cages. Instead, the highly experienced client service representatives meet with customers in private office pods equipped with the latest banking technology.
Bureaucratic, and illogical policies
Today, most banking clients must deal with an onslaught of forms, policies, and procedures when applying for a loan and a lengthy decision process. Decision makers are inaccessible and the rationale behind their decisions is unclear or not explained. At First Commons Bank, loan applications are simple, easy to understand, and loan decision makers are accessible. All loan decisions are made quickly by onsite Bank officers using good judgment and established Bank policy. To further improve customer satisfaction, the Bank’s loan officers are always available to explain the rationale behind the Bank’s actions.
Annoying Fees
There is a tendency among many big banks to add fees for nearly every interaction. These little surprises can add up, at the end of the month, to a very high cost for clients. First Commons Bank is philosophically opposed to this approach to banking. Instead, First Commons Bank has enacted common sense policies and logical fees with no surprises. In some cases, the Bank waives fees to encourage development of an overall relationship. The First Commons Bank objective is to offer the full range of value added services clients require and engender long-term partnerships to earn a reasonable rate of return.
Frustration in accessing money
To withdraw or access their money, many bank clients must endure waiting in line at a branch, writing checks, and handling cash at a publicly exposed ATM machine. First Commons Bank offers clients a variety of convenient ways to access their funds in the Bank. Online banking enables clients to access their money anywhere, any time. They can obtain copies of past statements and cancelled checks, pay bills online, and integrate their banking with money manager software. Mobile banking technology is also available for those who want to instantly confirm transactions on their cell phones or mobile devices via email or text messages. Funds can be transferred, bills paid, and balances checked from a cell phone or laptop computer. For those clients that prefer to or need to visit the branch, the Bank’s interior has been designed to enhance privacy and facilitate dialog. Bank visitors can relax in a reception area with wide-screen television or surf the Web in an onsite Internet café. The Bank’s advanced technologies enable fast efficient service.
History
First Commons Bank is the realization of one man's vision to create a bank that would operate and work differently. Tony Nuzzo – the Primary Organizer, Chairman, President & CEO of First Commons Bank – began full-time work on his vision for this bank in December, 2007 and raised $3 million in seed money during 2008 by reaching out to potential investors one by one. This was a difficult period in the banking and financial industry and many people believed that his contrarian perspective was ill advised.
With persistence however, he and his initial investor group raised an additional $15 million in the first half of 2009 during one of the worst economic climates since the great depression. Remarkably, the 2009 capital raise was oversubscribed; and there were over 300 total shareholders.
First Commons Bank opened for business on July 22, 2009; and it is already one of the nation's fastest growing new banks ever. In its fourth quarter of operations ending June 30, 2010, the bank reported assets of more than $94 million. This extraordinary asset growth already makes First Commons Bank larger than 2,600 of the nearly 8,000 FDIC-insured banks in the US.
Our Vision, Our Brand, Our Logo
The genesis of the First Commons Bank brand is intertwined with the vision of Tony Nuzzo, the Bank's founder and primary organizer. Mr. Nuzzo envisioned that the Bank would represent a strong sense of community to the investors, the clients, and the local residents. This sense of community was clearly exemplified in his conviction that the Bank's foundation should consist of a broad collection of founders and investors who would embrace his “common sense” approach to banking which combines exceptional personal service and advanced technologies to create a high performance client experience.
Tony Nuzzo came up with the name, First Commons Bank, because it embodied his vision. He felt the use of the word “commons” was associated with the phrase “Boston Commons” which helped to ensure an immediate identification with the Bank's local Boston-area roots. He also felt that “commons” — which actually means a gathering place — was a fitting description for the bank as a meeting place for the community of investors, clients, and local residents. Further, by placing the word, “first,” in front of “commons,” he now created the meaning of “first among the people” using the British House of Commons as the benchmark for “the people” or “first gathering place” using the definition of “commons.” In all, Mr. Nuzzo felt this name clearly communicated that First Commons Bank would become the first bank people would choose to use.
Mr. Nuzzo believed the Bank's logo should exhibit the powerful values and attributes represented in the name. The logo's design, created with the assistance of several founders, incorporates the communal spirit of a grassy Boston-area commons or gathering place through the green, wavy line at the base of the logo, which is connected to the tree. The tree is the American Elm — the Massachusetts state tree depicted in a modern art style – to communicate strength, endurance, and roots within the Commonwealth; and a new way of banking. This fresh new corporate identity breathes life into the vision of First Commons Bank.
