Bank Security Operator Sees Brighter Future
Titus, Nancy Raiden, THE JOURNAL RECORD
The owner of Bank & Security Systems Inc., 305 N. MacArthur Blvd., sees the return of most Oklahoma financial institutions to strong profitability as a harbinger of good news for the future.
Randy Yowell, co-owner and general manager, said banks with higher earnings are able to turn more of their attention to their security needs than they have in the past. This means more business for his firm _ from servicing existing systems to doing complete updates.
"Financial institutions are up. There is a lot of service, and a lot of updating going on. We have done a lot of proposals for updating. The banks ask for these proposals for budget purposes. If proposals for budget purposes mean anything, we ought to have a good year," he said with a smile.
Bank & Security sells vault doors, complete vaults, safety deposit boxes and lockers, closed circuit television systems and drive-in equipment to financial institutions including banks, savings and loans and credit unions.
Yowell said business in the three major segments of his company _ medical, commercial and financial _ were up last year, and he expects similar results this year. He declined to disclose sales figures, however.
Bank & Security survived the lean years in the financial industry by devoting more of its energies to the commercial security market, which now represents about 30 percent of its business.
"Banks have always been our mainstay, but during the slowdown, we had to go the other direction," he said.
Much like the banks themselves, one problem Bank & Security encountered in those years was competition from the Federal Deposit Insurance Corp. The agency, which liquidated failed institutions, became a big competitor because of its inventory of used equipment.
Yowell said his company made it through that time because it formed a relationship with the FDIC by working with it when possible, and it turned its sights toward the commercial market.
"We did security for commercial businesses, government, the medical field, hospitals and nursing homes."
Some of the products it has offered this market are alarm systems, closed circuit television systems, merchandise monitors for retailers, drive-in window conveyors for restaurants and a tag monitor-system used to keep patients from wandering away from nursing homes or head trauma units.
Bank & Security Systems is an independent firm that markets, installs and services equipment made by about 25 manufacturers, he said. It services more than 100 institutions in Oklahoma and has seven employees.
The Oklahoma company was formed in 1985 by Yowell and his partner Bart McCurdy. …