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Two area community banks are now selling annuities, mutual funds, unit investment trusts and discount brokerage services through Compulife Financial Marketing Inc., a financial services firm based in Midlothian, Va.
Southern Bank of Central Florida and First National Bank of Central Florida say they are simply trying to make their customers happy.
"It's as much a defensive move as an offensive one," says Charles W. Brinkley, Jr., president and CEO of Southern Bank. "Many customers are using us for their bread-and-butter banking but are looking for investment alternatives" that pay more than current rates for certificates of deposit.
"It's salvaging business that's going out the door," he says.
Martin Hartmann, president of First National Bank of Central Florida, says Compulife simply gives him more products to …