Posted on May 3, 2017 at 5:57 AM by State Savings Bank
Being a relationship-based financial institution means we’re invested in you, your aspirations and growing your business! Congratulations to State Savings Bank customers Joe and Christina Logsdon on opening the third location of their bakery-cafe, La Mie.
When La Mie first opened its doors in 2003, business was great. Then, a myriad of things happened. With nearby construction affecting accessibility, Jordan Creek Mall opening, and the recession all happening one after the other, Logsdon found himself needing to make a move and lacking the support to do so.
“I was at a point where I felt like we needed to grow and I was making a deal with my landlord to acquire more space. But the recession came and he told me not to do anything. It put me in a tough spot. My credit was in a bad place and owning a small business is difficult, especially a restaurant business. Unless you own the building, there’s not a lot of equity. It’s just your word, your food, and getting people in the door.
At that time, even if you had a decent credit score, banks wouldn’t lend to you because they were all in trouble for excessive lending. I was upside down and sideways when someone suggested that I talk to Tim Wolf at State Savings Bank. I don’t know if I’d call him a risk taker, but he’s more of a risk taker than some. To his credit (and maybe this will get me a little bit better interest rate next time I apply for a loan!) not only did he loan me money, but he sat me down and gave me pointers. He said, ‘Hey, here’s some ideas. Here’s what I think you should do and stick with it.’ From that point on, he really became more of a business advisor to me as well.
Things started moving, working, and making sense. We were able to get the money to do what we wanted to do, which was to move the kitchen to the other side of our restaurant and to add breakfast and more seating. After we got those pieces done, it just took off!”
“When Joe came to me, I took the time to really understand his business. Lending is never a one size fits all proposition and far more than adding up columns of numbers— it’s understanding how the business functions, the people behind the business, the story behind the numbers, and working as a team to problem solve and make it happen. We are delighted to see how successful Joe and Christina have become.”
“It’s a small bank, and at this point in time that’s really lovely. I have people come up to me all the time and say things like, ‘Hey, that guy Niko or that guy Michael who works for you—he’s great! How do you know him?’ We have 40 employees, believe it or not, and my retention is really high. I’ve had some people with us for 7-8 years. I see the same thing at State Savings Bank and love it, so that’s why. After all these years, I still go in and see Aaron, Bryan, Dan, Rick, Tim, and Paula. That’s a sign of security, commitment and trust to your employees and customers.”
La Mie Elevate is now open on the skywalk level of the Two Ruan Building downtown serving their signature pastries (if you have never bitten into the flaky, golden, goodness of a La Mie pastry, we suggest you stop whatever you’re doing and go there now) along with breakfast and lunch options. You can also find La Mie Express (1220 Locust St.) or their original café in The Shops at Roosevelt on 42nd St.
Categories: Business Banking