Synergy delivers true community banking in Terrebonne

Synergy Bank President/CEO Jerry Ledet Jr. credits high community spirit and customer service for his institution’s decade of success.

Synergy has three branches in Terrebonne Parish. The first location was built in March of 1999 on West Tunnel Boulevard. That’s one year after the corporate founders sold shares to raise the $5 million starting capital.

The east Houma location on Grand Caillou Road quickly followed in January of 2002. By 2005, the business was outgrowing its West Tunnel location, which served as the main branch.

The company purchased property on Martin Luther King Boulevard. In September of 2006, Synergy moved into the west Houma location on Synergy Center Boulevard, which now serves as the main branch.

From the startup, the business intended to have a main branch in west Houma. In recent months, Synergy has purchased land in Gray for its fourth location. Ledet is excited about venturing into Gray because there is no other financial institution in that area. The branch is expected to open by the end of 2008.

Beyond that, Synergy has not made any decisions about other locations.

“We want to grow the bank and we are looking at ways and areas to grow. But besides the Gray project, we haven’t made any specific plans to go into other areas,” Ledet explained.

“We don’t want to say that we will have “X” locations and in “X” number of years,” he said.

Synergy does have a long-term projection, but Ledet said the short-term decision-making will meet the goals of the long-term plan.

Like other banking institutions, Synergy is faced with the challenge of keeping up with technology, which is ever-changing.

Ledet said a number of Synergy clients rely on the Internet to check statements and pay bills online. The bank offers a number of online options and, through a newsletter mailed twice weekly, attempts to keep customers abreast of how to utilize those services.

“Banking is constantly changing and it is becoming more technology-centered. Customers are using the Internet for online bill paying and banking at a greater rate than they were even five years ago,” he said.

With a plethora of banking options in the Tri-parishes, Ledet said Synergy has adopted an “above and beyond” approach. The bank offers extended hours and sponsors a number of community events – like Kids Day, which puts the company’s name out in the public.

“We are locally owned and all the decisions are made locally. We are a true community bank,” he said. “Our employees are really active in an array of charitable organizations. And we are very active in the classrooms.”

In fact, Synergy has adopted Oakshire Elementary, Boudreaux Canal Elementary and St. Matthews Episcopal schools, all of which participate in Penny’s Club.

As part of the program, Penny the Pelican visits the schools to teach elementary students about saving money.

Students open accounts – no service fee is charged – and bank officials visit the class monthly so students can make deposits into their accounts. Students are also encouraged to visit the bank to deposit funds into their accounts.

“We want to teach them how to do that so when they turn 18 or 21 they have enough saved to put a down payment on a car for college,” he said. “We have been asked to come into schools that are not our adoptive schools to teach the same concept. That whole community spirit is something that is attractive to customers.”

This March, Synergy will celebrate a decade of service to the community.

And Ledet has been with Synergy from the start.

“The 10 years have blown by. It has been an unbelievably rewarding experience to be a part of something from the ground up,” he said. “I think anyone who has started a business can relate to that process.”

Synergy was formed as a result of a merger between Terrebonne Parish community banks in the 1990s. Back then, there were eight community banks with headquarters in Terrebonne. Through the ’90s, all but one merged or was acquired by regional or national banks.

According to Ledet, the choices for people or companies wanting to deal with a community bank had drastically changed. Synergy leaders realized that there was a void and decided to tap into the market.

“Through all of 1998, we went through the organization process of starting a community bank,” he explained. “We had to get regulatory approval from state examiners and the FDIC.”

Synergy was told if it could raise $5 million, it could open. In January of 1998, Synergy went to the public and sold company shares at $10 a share. By the end of that year, Synergy had raised $6.5 million in capital.

The rest, Ledet said, is history.

Today, the bank has about 310 business shareholders from the community.

Synergy Bank’s headquarters in west Houma opened in September 2006. High community spirit and personal customer service set the bank apart, said President and CEO Jerry Ledet Jr. * Photo courtesy of SYNERGY BANK