Executive Highlight
Patrick Heatherington
Market President, PrimeSouth Bank
- Industry: Banking / Finance
Business Founded: 1891
Phone: (904) 659-7552
Email: [email protected]
Address:
10245 Centurion Pkwy N Suite 300
Jacksonville, Fl 32256
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How long have you been in your industry?25 Years
Why did you choose your industry?Purely accidental. Took a job as a teller in a bank housed in a grocery store while attending Jr college. My plan was to complete my Associates degree, then transfer to one of the Universities outside of Jax. Overtime I moved up and found success in the industry, so after acquiring my AA I enrolled at UNF and completed my Bachelors at night while working full time.
Who are your typical clients?While there's always room for everyone under the tent, primarily Jacksonville based operating businesses between $5 million and $200 million in annual sales.
What do you like best about being in this industry?In our business we have the opportunity to learn a little about many different industries. This enables bankers to take a consultative approach to helping our customers grow and further their success. We lack the courage our customers exhibit when starting their businesses, but we enjoy opportunities to assist them in their growth and enjoy satisfaction in looking back at all they accomplished.
What are common problems you see?Competition from Fintechs attempting to offer similar services, with less regulation. Additionally since the Fed began raising rates has siphoned liquidity from banks as U.S. Treasuries and other low-risk investments offer returns motivating depositors not to leave idle cash in banks. This creates greater competition for deposits, which are essential for banks funding growth.
What advice/tips do you have for clients?As someone who makes a living "selling money" I encourage our clients to be proactive in accelerating debt repayment, retaining earnings and building equity on their business & personal balance sheets. Borrowing is necessary for most businesses' to grow at a competitive pace, but the goal should be to seek a path in eventually financing part or all of their growth. Enjoy your success, you earned it. However when pulling money out of the company in the good years, bear in mind the day may come when you'll be faced with the need to reinject capital back into the business.
When is your busy season?Typically mid-March to October
What keeps you up at night?Many factors, the need to build a team to grow the market and the pace at which growth is progressing. Also how Artificial Intelligence will impact our industry and workforce long-term.
How do you market yourself to grow/expand your business?In NEFL we have 40+ banks and credit unions competing for business. We market the benefit of working with a Community Bank, nostalgic of banking 20-30 years ago. Every customer is a "bigger fish in a smaller pond," and we strive to make it simple and convenient to do business with PrimeSouth. We endeavor to avoid hassles which frustrate business owners; We make deals that make sense.
How involved are you in the community?Serving on not-for-profit boards, spent the last 5 years as President of Jacksonville Clay Target Sports. As opportunities allow I try and spend time volunteering physical labor for charity projects. Presently I'm looking forward to our local team participating in Builders Care's "Ramp-O-Rama" where we'll spend a day building a handicap ramp for someone in need.
What is your favorite not for profit or charity?Difficult to choose just one, probably a tie between Boys & Girls Clubs and NEFBA Workforce Education Institute
What advice would you give to someone thinking of getting into this business?Banking is a great industry, but advancements in technology are occurring rapidly. Consider a customer-facing career path and learn as much as you can to expedite your climb up the ladder. AI will likely impact non customer-facing roles the most.
What do you enjoy doing in your free time?What free time? My preference is to enjoy time with my family, children grow up too quickly and I hate missing any more time than necessary.
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