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Jules Vasquez
"How is it going here at Heritage Bank? What's the atmosphere like?"

Hon. Steve Duncan, Managing Director, Heritage Bank
"Oh, it's very hectic. Everybody is running around, but I must need say that there is an atmosphere of togetherness. So on Friday 29th, First Caribbean will closed its doors at the end of the close of business and they will not reopen. From Friday night, Saturday, Sunday we have to try to move across everything that needs to be moved. So that Monday when we open, customers of First Caribbean will be able to access their account. So we have to take over all the cash, the vaults, everything. You name it and so we have one weekend to do all of that. In terms of the customers of First Caribbean, we've done a quite a few things to try to help them to make the transition smooth. We have for instance, we've been able to retain the account numbers of those customers. What it means immediately is that they don't have to be trying to run around to try to fill out forms and get new account numbers and try fill out new account forms. And so with the account numbers being able to remain the same those customers have the comfort of knowing that their cheques that are in circulation will be honor when it reaches. Because it is going to the same account number. So they don't have to worry about that. What we've done also is we have sent out credit cards and debit cards in advance. Those are already out. They've been mailed from Heritage Bank to replace the First Caribbean credit card and debit card which will no longer work. So after the end of the month those will not work."

Jules Vasquez
"How about those who have loans, because you know there are variable rate and you could change the terms. I know there is a lot of anxiety that people have built their entire lives - all their commitments around these loans and so there could be some concern that well I was get so and so rate at First Caribbean, but Heritage will not give me that."

Hon. Steve Duncan, Managing Director, Heritage Bank
"Well we can say to customers that they need not worry or become anxious. Albeit, I can understand the anxiety. Because we have committed and we are committed to honoring their arrangement they have in place with First Caribbean. Like I say we want to make this transition as smooth as possible. So we don't not have time to make any sort of changes to these accounts. But in terms of making changes, definitely we won't have time on the weekend. Certainly that can happen down the road. But the driver is really the whole at the end of the day the purpose for the investment. Heritage Bank has made this investment because it wants to grow. It wants more customers. It wants more business. So the last thing we intend to do is to do anything that will drive away the customer or push them through the door. In fact, I can say to you that as far as I am aware our credit card interest rate for instance, is already lowered than First Caribbean interest rate. And I suspect people would want to benefit from that. So even though I would have said to First Caribbean as part of the agreement we are going to honor your arrangement with your customer, I am sure people will not be upset if I change that agreement so that their rates go lower."

And when the changeover happens on February first - how many former employees of First Caribbean Bank will be working at Heritage? That's been a hot topic for months - after it became known that First Caribbean's 60 employees would lose their jobs. Well, with the acquisition, Heritage is doubling its assets from quarter million dollars to half a billion. So how much more staff do they need to manage that?:..

Hon. Steve Duncan, Managing Director, Heritage Bank
"We believe that by the time we are done, within another month or two we would have taken on about another 50 staff to help us get through. We have already taken on about 35-40 people and we forsee that we will need another amount to complete that."

Jules Vasquez
"So how many total are you all taking from the First Caribbean operation?"

Hon. Steve Duncan, Managing Director, Heritage Bank
"From First Caribbean it's somewhere around 25. I don't know the exact figure. Its somewhere upwards of 25, between 25 and 30. I still are acutely aware that some of my friends, so to speak did not get in. I don't know if they still call me friends, but they were not successful. But from day one we said we knew we would not be able to take everybody."

But those who made it over to Heritage, and those who were already there can take some pride in knowing that this small Belizean bank bought over an international bank. The objective circumstances may make it seem a little grand, but when once considers that 15 years ago, there was no Heritage Bank, and 8 years ago when many said it would go under - today it's emerging as profitable and fast growing bank. Duncan discussed that progress:..

Hon. Steve Duncan, Managing Director, Heritage Bank
"When I took over this bank 7-8 years ago, the concern was how long will we have a job? Job security was the concern of the staff. Today it's not talked about. Because they are comfortable. They feel much better than 7-8 years ago. This transaction helps to even solidify that for us. Because it makes us even a stronger bank. But we need to take something away from what is happening to today. A bank started by a Belizean has survived. It survived 15 years and now you are trying to take it to the next level where you are expecting that it will survive more than another 15 years."

But, from the big picture to the small one, most customers just want to know where they can bank starting Monday February First. Well, in Dangriga, the First Caribbean Branch will close down and yield to the Heriage branch in that town. In Orange Walk, it will be the opposite, where the Heritage Branch will close down, and they'll move into the First Caribbean Branch; in Belmopan, they'll move into the First Caribbean Branch, as well, and in the city, where both banks have their main branches here's what will happen:

Hon. Steve Duncan, Managing Director, Heritage Bank
"In Belize City First Caribbean has two offices and we have one. The BelCan office, the office by the BelCan Bridge is about 300 yards from our office here on Princess Margaret Drive. So we will not take up that office. So that will remained closed. The one downtown, we are the only bank without an office downtown - so we will setup a branch downtown on Albert Street and keep that office open. We will transfer certain things downtown, because we need space and we need to have certain things there to help the whole customer service aspect of things. But it is not the intention to transfer what you may want to call the head office, so to speak. It is not my intention to go down to Albert Street."

Later on you'll hear more from Duncan as he explains how even more de risking by American Banks could affect his bank's credit card operations.