evan’s portion (swot and strategy)
Post on 02-Jan-2016
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Strengths
Focusing on Virginia bankers and alumni
Specific location in Virginia Beach allow for face-to-face banking interactions
No minimum checking balance, no ATM fees
Online banking
Alumni banking benefits: giving back to JMU, better financing
Weaknesses
Narrow target market
Limited to Virginians and JMU alumni
Almost 30% of student/alumni population are from outside of Virginia
Opportunities
63,000 JMU alumni in Virginia, mostly in Northern and Shenandoah Valley areas
Also where most StellarOne locations are
Being small and local, they can offer free checking and nice rewards, which big banks can no longer do
Only 7% of alumni give back while 97% say they would recommend JMU
This presents a large room for expansion and growth
Threats
Competing banks, such as national chains that can give customers easy access in many states
Commonwealth One is a big threat because they offer banking on campus that attracts current students and may hold their business as alumni
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