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Finance in Kansas’ Largest
City |
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Wichita is the financial capital of Kansas and
Northern Oklahoma. The Metropolitan Statistical Area has
more than 70 financial institutions, not including
private mortgage lending companies or other
non-traditional institutions. Banks, thrifts and credit
unions alike are experiencing weekly change that
stretches from mergers and acquisitions to online
financial services to innovative mortgage tools.
Community-based banks continue to prosper in
Kansas, alongside those financial institutions resulting
from national mega-mergers. Kansas-chartered banks, as
opposed to those with headquarters in larger cities,
watched their assets reach record levels last year, to
more than $28 billion combined.
The logos on advertisements and community events
throughout the Wichita area show the extent of these
smaller banks’ influence. Numerous suburban banks have
opened branch offices in Wichita to serve a growing
customer base.
Even in those instances where institutions once
locally owned have been acquired by bigger banks, there
has followed aggressive marketing of new, locally-based
services: mortgage brokering, credit card financing for
small businesses, electronic deposit, online banking,
affordable housing programs, private banking and cash
management for business.
Local credit unions, with membership representing
every sector of the region’s economy, are working
aggressively to bring their services to all citizens.
Most credit unions in the Wichita area have experienced
growth within the last year.
Non-traditional sources, Wichita banks included,
have begun brokerage of securities alongside traditional
brokerages such as A.G. Edwards, Paine Webber, Morgan
Stanley, Salomon Smith Barney, Prudential Securities and
the other national houses with offices here. With local
offices, these major companies offer brokerage services
that are complete, sophisticated and personal.
A few homegrown brokerages have assembled
highly-skilled groups of professionals in direct support
of focused efforts in options, municipal bonds,
corporate finance, mutual funds, annuities,
underwriting, market research, insurance and tax
shelters.
In this overall context of change and growth, the
division of financial labor has essentially disappeared.
Banks offer brokerage services, credit unions offer
banking services, and thrifts offer consumer lending as
well as mortgage lending.
By far, the most significant movement in Wichita
finance is occurring not in the lobby or the drive-up
window, but at a personal computer, as more and more
patrons connect to online banking services of every
type. In Wichita, Fidelity Bank, INTRUST Bank, and
Prairie State Bank are among the many institutions
conducting business on the Internet, with more coming
online quickly. With change the only constant, Wichita
financial institutions are well positioned for the
future. |
