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First Mid Bancshares, Inc. (FMBH): Marketing Mix [Jan-2025 Updated] |
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First Mid Bancshares, Inc. (FMBH) Bundle
Discover the strategic marketing blueprint of First Mid Bancshares, Inc. (FMBH), a dynamic financial institution transforming the Midwestern banking landscape. By masterfully blending innovative products, strategic locations, targeted promotions, and competitive pricing, this regional banking powerhouse delivers comprehensive financial solutions that cater to both personal and commercial customers. From digital banking platforms to community-focused initiatives, FMBH demonstrates how a modern financial institution can successfully navigate the complex world of banking services while maintaining a strong local presence.
First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Product
Commercial and Personal Banking Services
First Mid Bancshares offers a comprehensive range of banking services with $9.1 billion in total assets as of Q4 2023. Their banking portfolio includes:
- Business checking accounts
- Personal savings accounts
- Commercial lending solutions
- Small business banking services
| Banking Service Category | Number of Offerings | Average Account Balance |
|---|---|---|
| Commercial Checking Accounts | 12 distinct account types | $87,500 |
| Personal Checking Accounts | 8 distinct account types | $5,300 |
Comprehensive Financial Products
First Mid Bancshares provides diverse financial products with total loan portfolio of $7.2 billion in 2023.
- Commercial real estate loans
- Agricultural lending
- Consumer installment loans
- Equipment financing
Digital Banking Platforms
Digital banking capabilities include mobile app with 85,000 active users and online banking platform serving 92% of their customer base.
Wealth Management Services
Wealth management division manages $1.3 billion in assets with service offerings including:
- Retirement planning
- Investment advisory
- Trust administration
- Estate planning services
Insurance and Financial Advisory
First Mid Insurance Group provides $45 million in annual insurance premium volume across multiple product lines.
| Insurance Product | Annual Premium Volume | Market Segment |
|---|---|---|
| Commercial Property Insurance | $18.2 million | Business Clients |
| Personal Life Insurance | $12.7 million | Individual Clients |
| Business Liability Insurance | $14.1 million | Corporate Clients |
First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Place
Geographic Presence
First Mid Bancshares, Inc. operates across 3 Midwestern states:
- Illinois
- Missouri
- Indiana
Branch Network
| State | Number of Branches |
|---|---|
| Illinois | 76 |
| Missouri | 24 |
| Indiana | 12 |
| Total Branches | 112 |
Digital Banking Channels
24/7 Digital Access through:
- Online Banking Platform
- Mobile Banking Application
- ATM Network
Branch Location Strategy
| Location Type | Percentage of Branches |
|---|---|
| Urban Communities | 62% |
| Suburban Communities | 38% |
Distribution Channels
Primary Distribution Channels:
- Physical Bank Branches
- Online Banking Platform
- Mobile Banking Application
- Call Center Services
First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Promotion
Community-focused Marketing Strategies
First Mid Bancshares allocates approximately $1.2 million annually to local community marketing initiatives. The bank maintains active engagement in 42 counties across Illinois and Missouri.
| Marketing Channel | Annual Investment | Reach |
|---|---|---|
| Local Community Sponsorships | $450,000 | 37 local communities |
| Regional Event Marketing | $350,000 | 15 regional events |
| Community Partnership Programs | $400,000 | 28 local organizations |
Digital Advertising and Social Media Engagement
Digital marketing budget: $780,000 in 2023, with 65% allocated to targeted online advertising.
- Social media followers: 47,500 across platforms
- Average monthly digital ad impressions: 1.2 million
- Click-through rate: 3.4%
Targeted Marketing Campaigns
| Segment | Campaign Budget | Conversion Rate |
|---|---|---|
| Business Banking | $420,000 | 4.7% |
| Personal Banking | $380,000 | 5.2% |
Sponsorship of Local Community Events
Total sponsorship investment: $525,000 in 2023, covering 52 local events across service regions.
Educational Financial Workshops and Webinars
- Total workshops conducted: 87
- Online webinar participants: 3,600
- In-person workshop attendance: 2,100
- Workshop marketing budget: $210,000
First Mid Bancshares, Inc. (FMBH) - Marketing Mix: Price
Competitive Interest Rates on Loans and Deposit Products
As of Q4 2023, First Mid Bancshares, Inc. offered the following interest rates:
| Product Type | Interest Rate Range |
|---|---|
| Personal Savings Accounts | 0.05% - 0.25% |
| Business Checking Accounts | 0.10% - 0.40% |
| Personal Loan Rates | 6.99% - 18.99% |
| Commercial Loan Rates | 5.50% - 9.75% |
Transparent Fee Structures for Banking Services
First Mid Bancshares implements a clear fee structure:
- Monthly Maintenance Fee: $8 - $15
- Overdraft Fee: $35 per transaction
- ATM Transaction Fee: $2.50 for out-of-network withdrawals
- Wire Transfer Fee: $25 domestic, $45 international
Tiered Pricing Models for Different Customer Segments
The bank offers differentiated pricing based on customer segments:
| Customer Segment | Minimum Balance | Fee Waiver Conditions |
|---|---|---|
| Student Accounts | $100 | No monthly fees if under 25 |
| Senior Accounts | $500 | Reduced fees for 65+ customers |
| Premium Business Accounts | $10,000 | Waived transaction fees |
Competitive Pricing in Commercial and Personal Banking Markets
Comparative market analysis shows First Mid Bancshares' pricing strategy:
- Average Personal Loan APR: 8.75% (market competitive)
- Commercial Loan Spread: 3.25% above prime rate
- Small Business Loan Rates: Starting at 6.50%
Value-Based Pricing Reflecting Service Quality
Pricing reflects service quality and local market conditions with:
- Digital Banking Services: No additional charge
- Relationship Pricing Discounts: Up to 0.25% rate reduction
- Local Market Adjustment: Rates within 0.5% of regional averages
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