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Evans Bancorp, Inc. (EVBN): Marketing Mix [Jan-2025 Updated]
US | Financial Services | Banks - Regional | AMEX
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Evans Bancorp, Inc. (EVBN) Bundle
Discover the strategic marketing approach of Evans Bancorp, Inc. (EVBN), a dynamic community bank transforming financial services in Western New York. This comprehensive analysis unveils how this regional financial powerhouse crafts its unique market positioning through innovative product offerings, strategic geographical presence, targeted promotional tactics, and competitive pricing strategies that set it apart in the competitive banking landscape. Dive into the intricate marketing mix that drives EVBN's success and customer engagement in 2024.
Evans Bancorp, Inc. (EVBN) - Marketing Mix: Product
Full-Service Community Banking Solutions
Evans Bancorp, Inc. provides comprehensive banking services with total assets of $1.06 billion as of December 31, 2023.
Deposit Accounts
| Account Type | Key Features |
|---|---|
| Checking Accounts | Multiple options with average balance of $87,500 |
| Savings Accounts | Interest rates ranging from 0.05% to 2.25% |
| Money Market Accounts | Minimum deposit of $2,500 with tiered interest rates |
Commercial and Consumer Lending
- Total loan portfolio: $844.3 million
- Commercial real estate loans: $412.6 million
- Commercial and industrial loans: $187.9 million
- Consumer loans: $144.2 million
- Mortgage loans: $99.6 million
Wealth Management Services
Investment Advisory Offerings include:
- Retirement planning
- Portfolio management
- Trust services
- Estate planning consultation
Digital Banking Platforms
| Platform | Features |
|---|---|
| Online Banking | Available 24/7 with 99.9% uptime |
| Mobile Banking App | Downloaded over 45,000 times |
| Mobile Check Deposit | Processing average of 12,500 mobile deposits monthly |
Evans Bancorp, Inc. (EVBN) - Marketing Mix: Place
Physical Branch Network
Total Physical Branches: 25 locations
| County | Number of Branches |
|---|---|
| Erie County | 15 |
| Niagara County | 5 |
| Genesee County | 5 |
Headquarters Location
Address: 300 Crosspoint Parkway, Williamsville, NY 14221
Digital Banking Channels
- Online Banking Platform
- Mobile Banking Application
- Mobile Check Deposit
ATM Network
| ATM Type | Total Count |
|---|---|
| Owned ATMs | 35 |
| Shared Network ATMs | 75 |
Geographic Service Area
- Erie County
- Niagara County
- Genesee County
- Wyoming County
- Orleans County
Evans Bancorp, Inc. (EVBN) - Marketing Mix: Promotion
Community-focused Marketing Strategies
Evans Bancorp allocates approximately $250,000 annually to local community marketing initiatives. The bank sponsors 15-20 local events and community programs each year in Western New York region.
| Marketing Category | Annual Investment | Number of Initiatives |
|---|---|---|
| Community Events | $125,000 | 12 events |
| Local Sponsorships | $75,000 | 8 sponsorships |
| Educational Programs | $50,000 | 5 programs |
Local Sponsorships and Charitable Event Partnerships
Evans Bancorp partners with 8 local charitable organizations, contributing $75,000 in direct sponsorships and support.
- Buffalo Philharmonic Orchestra
- United Way of Buffalo and Erie County
- Local youth sports leagues
- Regional education foundations
Digital Marketing through Social Media and Website
Digital marketing budget: $180,000 annually. Website traffic: 125,000 unique visitors per month.
| Digital Platform | Followers/Engagement | Annual Budget |
|---|---|---|
| 4,200 followers | $45,000 | |
| 3,800 followers | $40,000 | |
| Website Marketing | 125,000 monthly visitors | $95,000 |
Targeted Advertising in Regional Financial Publications
Annual advertising spend in regional financial media: $95,000. Covers 6 major regional financial publications.
Customer Referral and Loyalty Programs
Customer referral program budget: $60,000 annually. Current program offers $100 per successful referral.
| Program Metric | Value |
|---|---|
| Referral Bonus | $100 per referral |
| Annual Program Budget | $60,000 |
| Average Referrals per Year | 600 referrals |
Evans Bancorp, Inc. (EVBN) - Marketing Mix: Price
Competitive Interest Rates for Deposit and Lending Products
As of Q4 2023, Evans Bancorp, Inc. offers the following deposit rates:
| Account Type | Interest Rate |
|---|---|
| Savings Account | 0.50% APY |
| Money Market Account | 0.75% APY |
| 12-Month CD | 3.25% APY |
| 24-Month CD | 3.75% APY |
Tiered Pricing for Different Account Types
Evans Bancorp implements a tiered pricing structure with the following minimum balance requirements:
- Basic Checking: $0 minimum balance
- Preferred Checking: $5,000 minimum balance
- Premium Checking: $10,000 minimum balance
Transparent Fee Structure for Banking Services
| Service | Fee |
|---|---|
| Monthly Maintenance Fee | $10 (waived with minimum balance) |
| Overdraft Fee | $35 per occurrence |
| Wire Transfer (Domestic) | $25 |
| ATM Withdrawal (Out-of-Network) | $3 |
Relationship-Based Pricing for Commercial and Personal Banking
Commercial loan rates as of December 2023:
| Loan Type | Interest Rate Range |
|---|---|
| Business Line of Credit | 6.50% - 9.75% |
| Commercial Real Estate Loan | 5.25% - 7.50% |
| Small Business Term Loan | 7.00% - 10.25% |
Competitive Rates Aligned with Regional Banking Market Standards
Evans Bancorp's average loan and deposit rates are within 0.25-0.50 percentage points of regional banking market averages for Western New York as of Q4 2023.
- Average Commercial Loan Rate: 7.25%
- Average Personal Loan Rate: 8.50%
- Average Savings Account Rate: 0.60% APY
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