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Mid-Southern Bancorp, Inc. (MSVB): Marketing Mix [Jan-2025 Updated] |
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Mid-Southern Bancorp, Inc. (MSVB) Bundle
Discover the strategic marketing blueprint of Mid-Southern Bancorp, Inc. (MSVB), a regional banking powerhouse serving the heartland of Indiana and Ohio. In this deep dive, we'll unpack the bank's meticulously crafted marketing mix, revealing how this community-focused financial institution leverages its 4 P's to deliver exceptional banking experiences in rural and suburban markets. From innovative digital platforms to personalized financial services, Mid-Southern Bancorp demonstrates a nuanced approach to meeting the diverse banking needs of its customers while maintaining a strong local presence.
Mid-Southern Bancorp, Inc. (MSVB) - Marketing Mix: Product
Community and Commercial Banking Services
As of 2024, Mid-Southern Bancorp provides banking services primarily in Missouri and Illinois, with 7 full-service banking locations. Total assets reported at $467.8 million as of December 31, 2023.
Personal and Business Checking/Savings Accounts
| Account Type | Minimum Balance | Monthly Fee |
|---|---|---|
| Personal Checking | $100 | $5 |
| Business Checking | $500 | $12 |
| High-Yield Savings | $1,000 | $0 |
Mortgage and Consumer Loan Products
Loan portfolio composition as of Q4 2023:
- Commercial Real Estate Loans: $214.3 million
- Residential Mortgage Loans: $89.6 million
- Consumer Loans: $42.1 million
- Agricultural Loans: $31.5 million
Online and Mobile Digital Banking Platforms
Digital banking features include:
- Mobile check deposit
- Bill pay services
- Account alerts
- Online statement access
Investment and Wealth Management Services
| Service | Assets Under Management | Average Client Portfolio |
|---|---|---|
| Retirement Planning | $78.2 million | $275,000 |
| Investment Advisory | $56.7 million | $412,000 |
Mid-Southern Bancorp, Inc. (MSVB) - Marketing Mix: Place
Physical Branch Network
Mid-Southern Bancorp, Inc. maintains 14 physical branch locations across Indiana and Ohio as of 2024, strategically positioned in rural and suburban markets.
| State | Number of Branches | County Presence |
|---|---|---|
| Indiana | 9 | Franklin, Bartholomew, Decatur |
| Ohio | 5 | Butler, Hamilton |
Digital Banking Platforms
The bank offers comprehensive digital banking services with 24/7 online and mobile banking accessibility.
- Mobile banking app available on iOS and Android
- Online account management
- Digital bill pay services
- Mobile check deposit
ATM Network
Mid-Southern Bancorp operates 22 ATM locations within its service territory, providing customers with convenient cash access.
| ATM Type | Total Count | Network Accessibility |
|---|---|---|
| Bank-owned ATMs | 16 | Free transactions |
| Shared Network ATMs | 6 | Potential transaction fees |
Geographic Market Presence
The bank concentrates its operations in 6 total counties across Indiana and Ohio, maintaining a focused regional strategy.
- Primary market concentration in rural banking sectors
- Targeted community banking approach
- Localized financial services
Mid-Southern Bancorp, Inc. (MSVB) - Marketing Mix: Promotion
Local Community Sponsorship and Engagement
Mid-Southern Bancorp, Inc. allocates approximately $75,000 annually to local community sponsorships in Arkansas and Missouri regions.
| Sponsorship Category | Annual Budget | Target Areas |
|---|---|---|
| Local Sports Teams | $25,000 | Arkansas High School Athletics |
| Community Events | $30,000 | Local Festivals and Fundraisers |
| Educational Initiatives | $20,000 | Regional School Programs |
Digital Marketing through Website and Social Media
Digital marketing budget for 2024: $150,000
- Website maintenance and optimization: $45,000
- Social media advertising: $65,000
- Search engine marketing: $40,000
Traditional Print and Local Media Advertising
Traditional advertising allocation: $95,000 annually
| Media Channel | Annual Spend | Reach |
|---|---|---|
| Local Newspapers | $35,000 | Arkansas and Missouri counties |
| Radio Advertising | $40,000 | Regional radio stations |
| Local Magazine Ads | $20,000 | Regional business publications |
Customer Referral Programs
Referral program budget: $50,000 in 2024
- New account referral bonus: $100 per successful referral
- Estimated referrals: 350-400 annually
- Total referral incentives: $35,000-$40,000
Educational Financial Workshops and Seminars
Annual investment in financial education: $60,000
| Workshop Type | Number of Sessions | Estimated Participants |
|---|---|---|
| Personal Finance | 12 sessions | 240 participants |
| Small Business Banking | 8 sessions | 160 participants |
| Retirement Planning | 6 sessions | 120 participants |
Mid-Southern Bancorp, Inc. (MSVB) - Marketing Mix: Price
Competitive Interest Rates for Deposit Accounts
As of Q4 2023, Mid-Southern Bancorp offers the following deposit account rates:
| Account Type | Interest Rate | Annual Percentage Yield (APY) |
|---|---|---|
| Checking Account | 0.05% | 0.05% |
| Savings Account | 0.10% | 0.10% |
| Money Market Account | 0.25% | 0.25% |
| 12-Month CD | 3.50% | 3.55% |
Transparent Fee Structures for Banking Services
Mid-Southern Bancorp maintains the following standard fee schedule:
- Monthly Maintenance Fee: $5.00 (waived with minimum balance of $500)
- ATM Withdrawal Fee: $2.50 at non-network ATMs
- Overdraft Fee: $35.00 per transaction
- Wire Transfer Fee: $25.00 domestic, $45.00 international
- Stop Payment Fee: $30.00
Tiered Pricing for Different Account Types
The bank offers multiple account tiers with varying benefits:
| Account Tier | Minimum Balance | Additional Benefits |
|---|---|---|
| Basic | $0 | Standard services |
| Silver | $5,000 | Reduced fees, higher interest rates |
| Gold | $25,000 | Free checks, priority customer service |
| Platinum | $100,000 | Comprehensive banking services, personalized financial advice |
Low Minimum Balance Requirements
Minimum balance requirements for different account types:
- Checking Account: $0 minimum balance
- Savings Account: $100 minimum to open
- Money Market Account: $2,500 minimum balance
Competitive Loan Interest Rates
Current loan interest rates as of Q4 2023:
| Loan Type | Interest Rate Range |
|---|---|
| Personal Loans | 7.99% - 18.99% |
| Auto Loans | 4.25% - 7.50% |
| Mortgage Loans | 6.50% - 8.25% |
| Small Business Loans | 6.75% - 9.50% |
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