Bank47 officially opened its new Church Street location on May 29, offering a fresh take on personalized financial service in the city’s evolving banking landscape. Located near government offices and businesses, the downtown headquarters positions the bank as a potential hub for relationship-driven banking in North Alabama.

At the helm are CEO Hill Womble, President John Johnson, and EVP/CFO/COO Dana Potts, all seasoned professionals with extensive experience in commercial banking and financial management throughout Alabama and beyond. Their leadership reflects a growing trend among newer banks to prioritize personal service and community ties over sheer scale or technology alone.

Reviving Concierge-Style Banking for the Modern Era

Bank47 embraces a concierge-style banking model built on one-on-one financial guidance—a stark contrast to the often impersonal experience of digital-only banks. This approach echoes back centuries to the Medici family of Renaissance Florence, where banking was rooted in deep, trusted relationships. In the early 1400s, Giovanni de’ Medici built his family banking empire. Utilizing not only wealth management, but by also empowering the surrounding communities, investing heavily in infrastructure, small businesses, and the arts [1].

“Direction, stability, and completeness (are) values we aim to bring to every financial relationship,” said Womble. “We’re here to be a steady, guiding presence for individuals, families, and businesses ready to move forward with confidence.”

Like Giovanni de’ Medici, Bank47 pairs financial expertise with a mission to strengthen the communities it serves—blending traditional relationship-driven banking with modern tools.

Safeguarding Vulnerable Customers

This high-touch model also serves a protective role. With online banking fraud on the rise, primarily targeting seniors, concierge bankers can offer an extra layer of defense [2]. According to the Federal Trade Commission, older adults lose billions each year to scams [3]. By building close relationships, bankers can more easily spot irregular activity, educate clients on safe practices, and intervene quickly when something seems off. Unlike online-only banks, which rely heavily on automated alerts, Bank47’s staff proactively assist clients with secure transactions and scam prevention. This personal attention is especially valuable to elderly customers who may be less comfortable navigating digital systems on their own.

Locally, Huntsville has seen a surge in fraud schemes involving fake utility companies and demands for payment via prepaid gift cards or apps like Zelle [4]. Personalized banking can offer timely warnings and help protect residents from these common tactics.

While digital-only banks have gained popularity due to their convenience, they often lack the direct human interaction many customers, particularly business owners and families with complex financial needs, value. Bank47 aims to bridge that gap by offering a hybrid model: the ease of digital tools combined with tailored, in-person service.

Strategic Downtown Presence

Choosing to headquarter the bank in downtown Huntsville is a strategic move. Proximity to businesses and municipal buildings offers easy access for legal professionals, contractors, and other hardworking clients. It also signals a broader investment in the city’s core economic engine.

Bank47 joins a competitive financial scene. As of 2025, Huntsville is home to more than a dozen banks and credit unions [5], serving a population exceeding 220,000 [6]. According to the Federal Deposit Insurance Corporation (FDIC), the local banking sector has seen average deposit growth of about 5% annually over the past five years, mirroring the region’s expanding economy [7].

Community banks like Bank47 currently hold about 20% of Madison County’s market share [8]. Their primary advantage? Personalized service. In contrast, national online-only banks, while growing rapidly, with a 30% increase in customer accounts since 2020, often rank lower in customer satisfaction, especially when face-to-face support is needed [9].

By positioning itself with concierge-style banking, Bank47 is targeting a niche market that values individualized guidance and long-term financial relationships—something larger institutions and purely digital platforms often struggle to deliver in Huntsville’s increasingly sophisticated economic environment.