Meet Integrity Bank's Charlie Phillips at the Business on Target workshop on Nov. 3.
As Senior Vice President at Integrity Bank, Charlie Phillips opens the doors for business owners to seize opportunities, while also providing the resources to keep them ahead of the game. With more than 20 years in the banking industry, Phillips applies what he’s learned personally and professionally to help business owners who sometimes get left in the dark. A Business on Target workshop sponsor, Phillips shares the importance of having trusted advisors and more:
- Tell us what you do for business owners.
We offer commercial and personal banking services, primarily for privately held businesses in Houston. As a small bank, we are able to work with our customers on a one-on-one basis and assist them in making informed business decisions. We can consider a company’s situation, the type of deal they are aiming toward and the owner’s personality. Being a one-bank location, we are still able to offer commercial products, such as resolving lines of credit, real estate loans and treasury management services. Also a main goal is being a resource provider for business owners. If our customers need guidance on the legal, insurance or accounting side, we connect them with those resources. - Tell us about a breakthrough moment you’ve recently had with a client, where you really accomplished something great for the business together.
We’ve recently gained new clients that were previously with banks that were focused solely on 2010 financials. Although these clients were trending downward in 2010, there was not much consideration given to 2011 numbers, and as a result were asked to “move out.” Fortunately, we’ve been able to pick up great, solid customers who are beginning to experience an upward trend. When we meet with customers seeking a line of credit or terms to buy more equipment for production because they are experiencing increased revenues and receivables, we view this as a positive opportunity for both the client and our bank. - What is the best piece of business advice you have ever been given?
Try to do it right the first time. This is something I didn’t realize until a couple of years ago when I started my own business on the side. Being a banker, I thought, “I can handle issues myself.” Six months down the road, I realized that I needed to consult with an accountant and gain legal advice, because I was not making the best business decisions. Therefore, I always advise clients to consult with their advisors first—whether it’s talking to your accountant about tax planning, or your attorney about building the correct company structure. Use your resources when making big business decisions, because to go back and do it correctly will cost more than doing it right the first time. - What are some common barriers to success you see with your clients?
Right now, many companies are having issues with financing or obtaining loans. If a business is experiencing growth, they need more financing. Businesses that trended downward and struggled with increasing revenues are having difficulties obtaining loans. Although we see an upturn in revenues, we also have to consider areas such as income, balance sheets, assets and cash flow before making a decision. As much as we’d love to help, unfortunately, sometimes we have to turn businesses down. - What do you consider your greatest achievement?
Aside from my family, a great achievement would be the success and growth we’ve had at Integrity Bank. We opened our doors in 2007 and managed to raise $30 million right before the economy collapsed. Even during this downtown, we had no loan issues, remained profitable and continued to grow at a rapid pace. If you look at the larger banks that struggled the past few years, the odds of a bank our size succeeding were very slim, but we managed to stay afloat. As a team, we hope to continue growing and increasing the value for our shareholders.
Charlie Phillips is a Senior Vice President at Integrity Bank. You can meet him and hear more from the bank at the Business on Target workshop on Nov.3, where Senior Vice President Hazem Ahmed will speak. Read more and register by contacting Melinda Genitempo or Geoff Gallo at 713.789.7077 or via email. Charlie can be reached at 713.335.8706 or via email.
