What about competition?

Like all businesses, HEFCU faces a range of competition

from national, regional and local banks and credit
unions. After researching all of these possible
competitors, Weve narrowed it down to five. These five
all present issues for HEFCU, whether they have more
locations, better technology or more resources.
understanding these five financial institutions paved
the way for a better pr plan to ensure consumers chose
hefcu over other options.

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Legacy Bank: Duncan and elk city
Legacy is a competitor because they have branches in both Duncan and Elk City.
They are a small town bank that generates revenue like a bigger bank would. They
also offers the same personal banking services as HEFCU, even mobile banking.

Arvest Bank: Duncan

Arvest is a competitor because they have a branch in Duncan. Arvest has a large presence
statewide and is more well-known than HEFCU. Arvest also has branches in Arkansas,
Kansas and Missouri, allowing them to attract more customers and have higher sales than
HEFCU. Arvest also offers mobile banking, along with personal bank accounts and loans.

Bancfirst: Duncan
Bancfirst is a competitor because, like HEFCU, it has two locations in Duncan. Bancfirst
is also well known to Oklahomans, therefore they are more likely to trust them with their
business than they are HEFCU. Bancfirst also generates significantly more profits than
HEFCU due to being more widely known. Its yearly revenue averages at more than $325
million. The large resource pool available to Bancfirst, in combination with multiple
Elk City
locations in HEFCUs hometown, makes it one of the biggest threats.
1/4/5
Duncan
First National 1/2/3
Bank & Trust: elk city
First National Bank and Trust is a competitor to HEFCU specifically in the Elk City area.
They are a competitor because they started in Elk City and that gives them an advantage in
that community. They also have online and mobile banking. First National also has similar
monetary and staff resources as HEFCU. This makes them the most evenly matched
competitor.

Great Plains bank: elk city

Great Plains Bank is a competitor because they have three locations in Elk City. This could
allow them to come across as being more convenient than HEFCU because they have
three locations as compared to HEFCUs one. Great Plains falls in the middle of the pack
when it comes to annual revenue and resources, but its huge presence in the Elk City area
and western half of Oklahoma make it the biggest competitor outside of Duncan.

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