Magazine article American Banker

Glenfed Signs 3-Year Deal to Branch in Calif. Kinko's

Magazine article American Banker

Glenfed Signs 3-Year Deal to Branch in Calif. Kinko's

Article excerpt

Glendale Federal Bank said this week it signed a deal to put at least 20 branches in Kinko's locations in California in the coming months.

The exclusive, three-year pact with the large document production company places the Glendale, Calif.-based thrift in a small group of institutions that have made similar deals with other retailers.

"Glendale is breaking a lot of molds right now," said Thomas O'Donnell, an analyst at Smith Barney. "This shows how innovative and creative they are - when other thrifts are sitting back, they are making things happen."

The $15 billion-asset thrift said the Kinko's deal was desirable because of the copy-shop chain's small-business customer base, a highly sought after market. "Kinko's is a magnet for small-business owners," said Stephen Trafton, Glendale's chairman and chief executive.

"A big part of their customer focus is very similar to what we are trying to do," said William J. Birch, Glendale's executive vice president of retail banking. "So there was a natural affinity for us to reach out our distribution effort in a very different environment."

Only a handful of banks have set up branches in retail locations that are not supermarkets.

KeyCorp is opening five branches in OfficeMax locations, while BankAtlantic Bancorp of Fort Lauderdale, Fla., has 9 branches in Wal-Mart stores.

Glendale plans to open three mini-branches, staffed with two to three employees, within the next 60 days. The remaining 17 branches will open during the next 18 months, the bank said. …

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