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so this is the case analysis for FB K or FB financial FB k first bank those names are interchangeable so just a little bit of background was founded in 1906 charges farmer State Bank in 1984 Jim Ayres and Steve white acquired it 1988 they officially changed the name to first bank moved the headquarters to Lexington Tennessee and Jim Ayers became the sole shareholder throughout the 90s they focused on expansion in West Tennessee kind of Jackson Humboldt Camden areas and by the mm mm mid-2000s they focused on expansion in Middle Tennessee they purchased the bank Murfreesboro they also decided to move more heavily into Nashville as well as more metropolitan areas such as Knoxville and East Tennessee and Memphis in West Tennessee in 2015 they officially moved their headquarters to Nashville Tennessee and they were listed on the New York Stock Exchange in October of 2016 and 2017 they also announced an acquisition of Clayton Bank and Trust which is headquartered out of Knoxville Southern Strategy is number one first and foremost a bit of Community Bank now what does that mean community banking means to exist for the customer they want to you know basically provide the local community banking experience of while offering the technology of the larger bank so according to the mission of First Bank is to remain true to our heritage as a customer driven bank dedicated to proactively providing first-class financial advice and solutions they want to empower each market with decision-making authority and so basically what that means is they want to provide some what some autonomy to their local managers and basically use that local knowledge to exist for the customer and provide and tailor make financial products and provide financial services for those for that community and so really what the focus is now is to expand in those existing markets so the Porter's five forces the intensity of rivalry in the banking industry it really depends on how you define it so at the national level it's low market concentration there's a large number of firms it's an established industry however when you get to some of these more local community rural communities the concentration can be pretty high I know in the home market of Lexington Tennessee where first bank was originally from you know first think have some 60 70 percent of the deposits but the thing that really drives the intensity of rivalry is kind of what drives the bargaining power of the suppliers and makes them both high and which is low switching cost it's it's fairly low it's fairly low cost to go to change your account from one bank to another and so kind of transitioning into the bargaining power of suppliers or depositors same thing it's low switching costs so the bargaining power is relatively hyper for a depositor it's really not that costly to swap banks as well as there's really little product differentiation as far as to say savings account goes I know the first thing they do offer what's called a First Bank first rewards card and so that offers more than a traditional savings account while at the same time basically operating as a checking account so there is some project of rates for differentiation but it's easy to imitate so the bargaining power of buyers high or this is this will be borrowers so there are multiple competitors there's pretty standardized products and the price competition is high it's easy to go well it's easy to go from one bank to another and say well they offered me this rate and negotiate for a lower rate threat of new entry is low entry costs are high you have to build branches if you have to add personnel know-how knowledge and really the registration and regulatory requirements are pretty onerous to enter the banking industry threat of substitutes are low there's they're no risk-free alternatives out there in the market there are you know money market accounts and things of that nature but for the most part there's nothing that's going to provide 0% risk FDIC insured deposits the lending knowledge and access to funds to be able to provide the knowledge and know-how the sophisticated financial product you know a bank is pretty much the only option so the driving forces what are the driving forces in the banking industry over the next few years so innovation online products and services as well as individual specific products so consumers are demanding more online stuff they don't want to have to go to a branch anything that you can do in a branch they want to be able to do online as well as individual specific products kind of ties in to demographic so we have changing age groups what this means is as as each demographic group comes in so the baby boomers are tired they're going to need different they're going to have different financial needs as the Millennials age they're going to need access to mortgage loans they're going to need access to wealth management advice and as the larger immigrant population comes in as well they're going to have different financial needs so it's going to be key that that a bank is able to adapt and provide tailor-made financial services to a given group economics so we're in about seven years eight years into an economic expansion the laundry done continues the more likely that we're going to see an economic recession and even the growth that we have seen has been lower drugs relative to what we've seen in the past but what this will provide is the mergers and acquisition opportunities so as underperforming bank struggle along they become potential merger targets or acquisition targets another driving force always regulation so the the trend has been toward more regulation right now we have a Republican Congress Republican president but the overall trend post financial crisis has been toward more regulation what does that mean well means more compliance costs we have to have additional HR we have to add additional quality control training and was it also do it can also restrict the products that the products that tonight can offer as well as strategy restrictions we can't act as fast to respond to ongoing events so the key success factors really pretty much tied right up in to the driving forces technology so the going forward banks are going to have to offer top-ranked financial services through mobile apps and online there