ServisFirst Bank CEO Tom Broughton Tells Strategy Students Bank Branches Are Obsolete

ServisFirst_Bank_Group_PictureTom Broughton, Chief Executive Officer of ServisFirst Bank, visited the School of Business for the first time on October 18, 2011 when he spoke with students in the combined MBA and undergraduate capstone class “Strategic Management: Conversations With CEOs.”

Broughton noted that although ServisFirst Bank has been since its founding in 2005 the fastest-growing bank in Alabama and one of the fastest-growing in the country, it has done so without reliance on a large number of traditional brick and mortar branches. Rather, according to Broughton, the bank has used such new technologies as remote deposit capture, internet banking and even remote safes that allow merchants to get credit electronically for deposits of cash at their locations.  

Broughton also described the bank’s strategy of requiring that its directors bring substantial banking business to the bank from their own businesses. He said that doing so “has been the best thing we have done.”

A group of students who had studied the strategy of ServisFirst Bank in depth made a presentation to Mr. Broughton and made several recommendations, one of which was that the bank provide step-by-step guidance on the process of applying for a business loan.

Mr. Broughton and ServisFirst Bank have received numerous awards in recent years, including Broughton’s being named the 2009 “Community Banker of the Year” for the entire United States by American Banker newspaper. He was the first Alabama banker ever to receive this prestigious award.

“Strategic Management: Conversations with CEOs” is taught by Professors Eddie Friend and Stephen Yoder, and features visits from CEOs of public or other large complex organizations who discuss their organizations’ strategies and how they are developed and implemented.

[Pictured left to right: Hemali Shah, James Mwangi, Christina Cook, Mr. Broughton, Casey Glandon, David Hamlin]