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/assets/images/partnering-locally/local-markets-3/video-stills/virgina-tile-co_101012_878x494.jpg|Man writing on paper at Virgina Tile Co.|
BANK OF AMERICA
RTP-DETROIT-VIRGINIA TILE-AS PRODUCED VIDEO TRANSCRIPT
(V/O)William Stephenson: Virginia Tile is a wholesale distributer of ceramic tile and natural stone. We've been in business since 1928 here in the Detroit Metropolitan area. My grandfather became aware of the growth of the auto industry in Detroit. And so he sent two rail cars full of tile to come to Detroit.
SUPER: William Stephenson, President, Virginia Tile Co.
William Stephenson: And the story goes, my dad and my uncle sold all of the tile for cash. And they were out of it in two days.
SUPER: Mark Ott, Senior Vice President, Virginia Tile Co.
Mark Ott: Bill has been active in this business for many years. I’ve often said that there’s more grout in his veins than there is blood. Because that’s who it is. That’s in his business. Virginia Tile's in his blood.
William Stephenson: We have a lot of tenure here at Virginia Tile.
Mark Ott: I've been here thirty-three years now. And there are other employees that have almost similar years of service as I do. And part of it is the way I think employees are treated.
(V/O)Judy Gorczyk: I really believe that it's the trickle-down effect. Because Bill, who owned the company when I first started here, I think I was really impressed
SUPER: Judy Gorczyk, Showroom Consultant, Virginia Tile Co.
Judy Gorczyk: Because I was struggling trying to find something in the warehouse, and he hopped on a high-low, and got it off a shelf for me. And I thought, 'This is a good place to be.'
SUPER: Gregory Castle, Sr. Client Manager, Bank of America
Gregory Castle: When we first met Bill and the company a little over ten years ago, it took us about two years to convince him that they should pick our bank to start doing business with.
(V/O)William Stephenson: It was the first time we felt we had somebody that was, really listening, and really trying to understand our business.
Mark Ott: We have several treasury management products that we're using right now. We're also using them for our credit card processing service, our merchant services, and also we're using, of course, our loan facility with them, our working capital line. Which is really important to us as well.
(V/O)William Stephenson: They've been a great partner to us. Obviously we've been in business for a long time.
(V/O)Gregory Castle: They are the people that we are able to introduce efficiencies to their business.
(V/O)Mark Ott: I think that is hard to measure, because we're a small company. But we're employing a lot of great people.
William Stephenson: You know, here we are, four generations later and we're still selling tile, and with many of the same contractors that have been around for generations as well.
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In the 1920s, the rapid growth of the automobile industry in Detroit caused a boom in housing due to the large number of people moving to the region. This, in turn, created a demand for wholesale contractors selling materials to facilitate the development of real estate in the area.
In 1928, the Stephenson family, recognizing the many opportunities offered by the growth of the auto industry in Detroit, relocated from Virginia and established Virginia Tile, a provider of ceramic tile and natural stone for both residential and commercial development.
Over the next 80 years, Virginia Tile experienced highs and lows, successes and failures. Reflecting on the company’s evolution, Bill Stephenson, president and third-generation owner, and Mark Ott, senior vice president and CFO, both recognize and emphasize the importance of their bank being a true colleague and partner in business. That’s why they made a decision in 2004 to move their business to Bank of America.
“There are many banks in the Detroit area that are very competent and competitive,” said Mark Ott, Senior Vice President of Virginia Tile. “But the real issue is, who are the people behind the financial reports and loan documents? That is where Bank of America stands apart. That’s why we chose to go into a partnership with them.”
Several years after Virginia Tile moved its business to Bank of America, the 2008 financial crisis occurred. The construction business was significantly affected by the financial downturn and slowed greatly. Understandably, these economic conditions impacted Virginia Tile’s business.
Yet Bank of America’s partnership with Virginia Tile allowed the company to weather the storm. The bank’s deep understanding of Virginia Tile’s business, as well as the company’s values, allowed it to provide sound advice on how to run the company profitably.
“Our relationship with Bank of America and our client manager, Greg Castle, has become one where I consider Greg a colleague and consultant, as well as a banker,” said Stephenson. “Our relationship with Bank of America has been very good for Virginia Tile. They have helped us grow through a very difficult period.”
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