Tight-Lipped Executives? Find a Bank Consultant

As more banks received warnings from the FDIC to clean up their balance sheets, business reporters Jennifer Bjorhus and Chris Serres at the Star Tribune in Minneapolis decided to take a step back from the daily stories for a closer look. After months of reporting, they launched their “Lenders Gone Wild” series.

There wasn’t a lot of public information available for the privately held banks, and bank executives didn’t want to talk, Jennifer says. She e-mailed, called and even drove to former executives’ homes. In the end, information from local bank consultants helped tremendously, she says.

Today’s Tip: Seek bank consultants when writing about the banking industry. They work directly with banks in your area and can provide a clearer perspective of what’s happening locally.

“They’re hired by local banks for help,” Jennifer says. “Every metro area has a cottage industry. They’re a great untapped resource.” She says you can find them through other bankers and even online searches.