Banking
In November 2003, the Board of Directors of
Consolidated Bank & Trust engaged Hurshell Associates to
help prevent the bank from being closed by the State Banking
Commission and the Federal Reserve Bank regulators. Given a
30-day deadline, Hurshell's team of experts assessed the
banking operation, and developed a rapid recovery plan with
recommendations in the areas of business process, human
resources, and profitability, accomplishing all of the tasks
on time.
At Consolidated Bank & Trust, Hurshell provided the
following management consulting services:
-
Executive search for a CEO
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Executive coaching for the Board and new
CEO
-
Strategic planning to develop a recovery
plan
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Fund raising for capital investment
-
Restructured banking operation to reduce
headcount and improve efficiency
-
Marketing awareness effort to improve
the bank’s image to its customers and the community
-
Human Resources knowledge to establish
new compensation guidelines
-
Enforced discipline for policies and
procedures
-
P&L management to implement cost saving
actions
Through Hurshell's “Capital Campaign”
efforts Consolidated Bank & Trust is in process of receiving
significant funding opportunities and now has the potential
to grow into the largest African American-owned bank in the
nation.
This business rescue mission is an example of how the
consulting firm of Hurshell Associates applies its
knowledge, skills, and abilities to deliver extraordinary
results. It also demonstrates the wide range of
capabilities that Hurshell Associates offers those companies
seeking its services.
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