By Bob Shane
It’s not very common to receive a VIP invitation from your bank, asking that you join them for an “Evening Under the Stars.” But then, newly chartered Legacy Bank, whose headquarters and main branch are adjacent to Scottsdale Airport, isn’t your typical bank.
It’s a private bank for the affluent; the requirement for membership is $250,000 in annual income and/or $1,000,000 in assets to invest. In addition to the traditional banking services, Legacy offers its exclusive clientele wealth, investment and business planning services.
The emphasis at Legacy is on a comprehensive, highly individualized financial program that is tailor-made to fit each client’s specific situation. Lyle P. Campbell, the bank’s chairman of the board, felt there was a need for a bank that focused on the financial needs of the affluent. His vision was to provide north Scottsdale residents and business owners with a bank “small enough to provide highly personalized customer service and large enough to meet every financial need.”
The bank’s recent performance would suggest that he was right. After just 10 months of operation, it has achieved a major milestone, its first $100 million in assets, as well as showing a profit. As a way of saying thank you, Legacy’s senior management organized an “Evening Under the Stars.”
“We’re pleased to present this premier event as another example of what private banking feels like,” said Julian L. Fruhling, bank CEO and president. “It’s our goal that you’ll find the evening to be interesting and enjoyable without any banking talk. It’s a thank you for helping us reach our first $100 million in assets in 10 months.”
The event took place on the tarmac behind Legacy’s airpark office. It featured gourmet cuisine, fine wine tasting and special music, as bank clients toured private jets from the fleet of Aero Jet Services, viewed exotic cars from the Van Horssen Group and experienced a special showing of Eclipse Aviation’s new and revolutionary Eclipse 500 jet.
Being able to provide its clients with an exclusive look at the cutting-edge technology embodied in the Eclipse 500 demonstrates senior management’s avid interest in aviation. After banking, Campbell’s other passion is flying. He has both a twin-engine rating and instrument rating, with additional ratings in helicopters, gyroplanes and seaplanes. Flying in a 1954 Grumman Albatross, the Campbell Air Race Team competed against 38 teams from eight countries in the 2001 Great Race from London to Sydney.
Fruhling also is a pilot with over 20 year’s experience. He currently has a deposit on an Eclipse 500.
Legacy’s senior management team felt the aircraft display would be interesting for their affluent clientele, some of whom already own and operate private jets. For others, they felt it would provide additional insight into private jet travel as an alternative to commercial travel, which has become less appealing.
The event was an exclusive opportunity for Legacy clients to be able to view the Eclipse 500 with its state-of-the-art technology, economy of operation and $1.4 million price tag. It’s a unique aircraft, one that could significantly change historical travel patterns, providing new alternatives for the affluent who, now more than ever, have the financial wherewithal to take advantage of alternative forms of private jet travel.
Legacy’s clients seemed to enjoy the event. Management’s ability to convince Eclipse to pull an aircraft out of flight test to send to Scottsdale for an exclusive Arizona showing indicates the bank has friends in high places. Legacy Bank truly is a unique financial institution.