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The First of Long Island Corporation (FLIC): Marketing Mix [Jan-2025 Updated] |
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The First of Long Island Corporation (FLIC) Bundle
Discover the strategic marketing approach of The First of Long Island Corporation (FLIC), a dynamic community bank that has carved out a unique niche in the competitive Long Island financial landscape. By meticulously crafting its product offerings, strategic locations, targeted promotions, and competitive pricing, FLIC has positioned itself as a premier local banking institution that goes beyond traditional financial services. This deep dive into FLIC's marketing mix reveals how a community-focused bank can successfully differentiate itself in a crowded market, delivering personalized banking solutions that resonate with local residents and businesses across Nassau, Suffolk, and Queens counties.
The First of Long Island Corporation (FLIC) - Marketing Mix: Product
Community and Commercial Banking Services
As of Q4 2023, The First of Long Island Corporation provides comprehensive banking services with total assets of $7.76 billion and total deposits of $6.54 billion.
| Service Category | Details |
|---|---|
| Personal Banking | Comprehensive checking and savings account offerings |
| Business Banking | Commercial account solutions for small to medium enterprises |
Mortgage Lending and Residential Real Estate Financing
In 2023, FLIC reported $1.2 billion in total residential real estate loan portfolio.
- Residential mortgage originations: $345 million
- Fixed-rate mortgage products
- Adjustable-rate mortgage options
- Home equity lines of credit
Deposit Products
| Product Type | Average Balance | Interest Rate Range |
|---|---|---|
| Checking Accounts | $87,500 | 0.01% - 0.25% |
| Savings Accounts | $55,300 | 0.30% - 0.75% |
| Money Market Accounts | $142,000 | 0.50% - 1.25% |
Wealth Management and Investment Advisory Services
As of 2023, FLIC manages approximately $625 million in wealth management assets.
- Personal investment planning
- Retirement strategy consulting
- Portfolio management services
- Retirement account management
Small Business and Commercial Lending Solutions
Commercial lending portfolio valued at $1.45 billion in 2023.
| Lending Product | Total Volume | Average Loan Size |
|---|---|---|
| Small Business Loans | $375 million | $185,000 |
| Commercial Real Estate Loans | $612 million | $1.2 million |
| Business Line of Credit | $463 million | $250,000 |
The First of Long Island Corporation (FLIC) - Marketing Mix: Place
Geographic Service Area
The First of Long Island Corporation primarily serves:
- Nassau County
- Suffolk County
- Queens County, New York
Physical Branch Network
As of 2024, FLIC maintains a physical branch presence with the following distribution:
| County | Number of Branches |
|---|---|
| Nassau County | 15 |
| Suffolk County | 10 |
| Queens County | 5 |
| Total Branches | 30 |
Digital Banking Platforms
FLIC offers comprehensive digital banking services:
- Online Banking Platform - Accessible 24/7
- Mobile Banking Application - Available on iOS and Android
- Mobile app download count: 45,000 active users
ATM Network
| ATM Type | Total Count |
|---|---|
| Bank-owned ATMs | 40 |
| Shared Network ATMs | 120 |
| Total ATM Access Points | 160 |
Community Banking Presence
Local market penetration metrics:
- Market share in Nassau County: 12.5%
- Market share in Suffolk County: 8.3%
- Market share in Queens County: 5.2%
The First of Long Island Corporation (FLIC) - Marketing Mix: Promotion
Targeted Marketing to Local Long Island Residents and Businesses
As of 2024, FLIC focuses on targeting local Long Island communities with a concentrated marketing approach. The bank serves approximately 34 branches across Nassau and Suffolk counties, reaching an estimated 1.5 million potential customers.
| Target Market Segment | Estimated Population Reach | Marketing Budget Allocation |
|---|---|---|
| Residential Customers | 1.2 million | 62% of promotional budget |
| Small Business Customers | 285,000 businesses | 38% of promotional budget |
Community Sponsorship and Local Event Engagement
FLIC invests approximately $350,000 annually in local community sponsorships and events.
- Long Island economic development conferences
- Local high school and college scholarship programs
- Community charity events
- Local sports team sponsorships
Digital Marketing Through Website and Social Media Channels
Digital marketing expenditure for 2024 is estimated at $275,000, with the following channel breakdown:
| Digital Channel | Monthly Engagement | Budget Allocation |
|---|---|---|
| Website | 125,000 unique visitors | 40% of digital budget |
| 22,500 followers | 25% of digital budget | |
| 18,750 followers | 20% of digital budget | |
| 12,500 followers | 15% of digital budget |
Traditional Advertising in Local Newspapers and Regional Media
Traditional media advertising budget for 2024 is $425,000, distributed across various local media platforms.
- Newsday print advertising: $185,000
- Local radio stations: $95,000
- Regional television spots: $145,000
Customer Referral and Relationship-Building Programs
FLIC allocates $250,000 to customer referral and relationship management programs in 2024.
| Program Type | Incentive Value | Estimated Participant Reach |
|---|---|---|
| Customer Referral Program | $150 per successful referral | 5,000 participants |
| Loyalty Program | Tiered rewards | 15,000 active members |
The First of Long Island Corporation (FLIC) - Marketing Mix: Price
Competitive Interest Rates for Deposit and Lending Products
As of Q4 2023, FLIC's deposit rates were structured as follows:
| Account Type | Interest Rate |
|---|---|
| Money Market Account | 3.75% |
| Savings Account | 2.50% |
| Certificate of Deposit (12-month) | 4.25% |
Tiered Pricing for Different Account Types
FLIC implements a tiered pricing structure based on account balance and customer relationship:
- Basic Checking: $0 minimum balance
- Premium Checking: $10,000 minimum balance
- Elite Checking: $25,000 minimum balance
Transparent Fee Structure
| Service | Fee |
|---|---|
| Monthly Maintenance Fee | $10 |
| Overdraft Fee | $35 |
| ATM Withdrawal Fee | $2.50 |
Competitive Mortgage and Loan Rates
As of January 2024, FLIC's loan rates:
- 30-Year Fixed Mortgage: 6.75%
- 15-Year Fixed Mortgage: 5.90%
- Personal Loan: 9.25%
- Auto Loan: 6.50%
Relationship-Based Pricing
Relationship Pricing Discounts:
- 2 products: 0.25% rate reduction
- 3 products: 0.50% rate reduction
- 4+ products: 0.75% rate reduction
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